SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 15 - STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

Division 3 - Disqualified persons  

Subdivision A - Disqualification by the Commissioner of Taxation  

SECTION 126A   THE REGULATOR MAY DISQUALIFY INDIVIDUALS  

126A(1)   [ Disqualification]  

The Regulator may disqualify an individual if satisfied that:


(a) the person has contravened this Act or the Financial Sector (Collection of Data) Act 2001 on one or more occasions; and


(b) the nature or seriousness of the contravention or contraventions, or the number of contraventions, provides grounds for disqualifying the individual.

Note:

For offences relating to disqualified persons, see Subdivision C .

126A(2)   [ Officers of body corporates]  

The Regulator may disqualify an individual who is, or was, a responsible officer of a trustee, investment manager or custodian (the body corporate ) if satisfied that:


(a) the body corporate has contravened this Act or the Financial Sector (Collection of Data) Act 2001 on one or more occasions; and


(b) at the time of one or more of the contraventions, the individual was a responsible officer of the body corporate; and


(c) in respect of the contravention or contraventions that occurred while the individual was a responsible officer of the body corporate - the nature or seriousness of it or them, or the number of them, provides grounds for the disqualification of the individual.

126A(3)   [ " Fit and proper person " ]  

The Regulator may disqualify an individual if satisfied that the individual is otherwise not a fit and proper person to be a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian.

126A(4)   [ Timing]  

A disqualification takes effect on the day on which it is made.

126A(5)   [ Revocation]  

The Regulator may revoke a disqualification on application by the disqualified individual or on its own initiative. A revocation takes effect on the day on which it is made.

126A(6)   [ Notice]  

The Regulator must give the individual written notice of a disqualification, revocation of a disqualification or a refusal to revoke a disqualification.

126A(7)   [ Publication of notice]  

The Regulator must cause particulars of a notice given under subsection (6) or 344(6) (result of internal review) to be published in the Gazette as soon as practicable.




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