False statement liability leads to regulatory penalty and separate board action for misrepresentations to designated service providers.

Making a false statement or misrepresentation in any application or other document submitted to the Designated Service Provider renders the person liable for action under section 15HB of the Act, without prejudice to any action the Board may take under section 24 of the Act; the rule applies to submissions to the Central Database of Market Participants as an enforcement measure against misrepresentation.

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