(1)  For the purposes of section 54B(5) of the Act, the following grounds for the cancellation or variation of an approval are prescribed:

(a) the approval holder has breached a condition of the approval;

(b) there has been a change in the persons that have a controlling interest in the approval holder;

(c) the approval holder, or a key employee or business associate of the approval holder, has been convicted of an offence (whether in Tasmania or elsewhere);

(d) disciplinary action has been taken against the approval holder, or a key employee or business associate of the approval holder, under any legislation, rules of racing or rules of betting (whether in Tasmania or elsewhere);

(e) the approval holder has employed or engaged a person as a key employee who has a criminal record or has been the subject of disciplinary action under any legislation, rules of racing or rules of betting (whether in Tasmania or elsewhere);

(f) a business associate of the approval holder has a criminal record or has been the subject of disciplinary action under any legislation, rules of racing or rules of betting (whether in Tasmania or elsewhere).

(2)  Without limiting subregulation (1) , a change in financial circumstances of the approval holder (for example, a significant improvement in the wagering turnover of the approval holder or the insolvency of the approval holder) is prescribed as a ground for the variation of an approval.