(1) If, in the year of income next following the year of income in which a relevant entity failed to adhere to a notice to comply under section 15, the Competent Authority shall —
(a) notify the Registrar of the failure of that company to satisfy the economic substance requirements;
(b) disclose to a partner jurisdiction any relevant information relating to the relevant entity in accordance with an international agreement.
(2) Without prejudice to the Companies Act, Cap. 13.01 or the International Business Companies Act, Cap. 12.14, where the Registrar is notified under subsection (1)(a), he or she may strike off the name of a relevant entity from a Register for failing to comply with the economic substance requirements for two consequent years of income.
(3) Notwithstanding subsection (1), the Competent Authority shall, in a year of income, disclose to a partner jurisdiction information which relates to a high risk intellectual property company under an international agreement, whether or not the economic substance requirements are met under this Act.
(4) For the purposes of subsection (2), “Register” means —
(a) in the case of a company, a register kept and maintained by the Registrar under the Companies Act, Cap. 13.01;
(b) in the case of an international business company, the Register of International Business Companies maintained under the International Business Companies Act, Cap. 12.14.