Superannuation Industry (Supervision) Act 1993
(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.
For offences relating to disqualified persons, see Subdivision C .126A(2) [ Officers of body corporates]
(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.
[ CCH Note: S 126A(7) will be amended by No 141 of 2020, s 3 and Sch 4 item 127, by inserting " by the Regulator " after " given " , effective the later of: (a) the day after 17 December 2020; and (b) the day items 1 to 1258 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 commence.]