SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 16 - ACTUARIES AND AUDITORS OF SUPERANNUATION ENTITIES  

Division 3 - Disqualifying and removing actuaries and auditors  

SECTION 130D   COURT POWER OF DISQUALIFICATION  

130D(1)   [ Application]  

This section applies to the extent that the Regulator is APRA.

130D(2)   [ Disqualification]  

On application by the Regulator, the Federal Court of Australia may, by order, disqualify a person from being or acting as a person referred to in subsection (3), for a period that the Court considers appropriate, if the Court is satisfied:


(a) as mentioned in subsection (4); and


(b) that the disqualification is justified.

Note:

For offences relating to persons disqualified under this section, see section 131C .

130D(3)   [ Superannuation entities]  

For the purposes of subsection (2), the Court may disqualify a person from being or acting as an auditor or actuary, for the purposes of this Act, of:


(a) a particular superannuation entity; or


(b) a class of superannuation entities; or


(c) any superannuation entity.

130D(4)   [ Reasons for disqualification]  

The Court may disqualify a person, in accordance with subsection (2), if the Court is satisfied that:


(a) the person has failed, whether within or outside Australia, to carry out or perform adequately and properly:


(i) the duties of an auditor or actuary under this Act, the regulations or the prudential standards; or

(ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor or actuary; or

(iii) any functions that an auditor or actuary is entitled to perform in relation to this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 ; or


(aa) the person has been or acted as the auditor or actuary of a registrable superannuation entity, knowing that he or she did not meet the relevant eligibility criteria set out in the prudential standards; or


(b) the person is otherwise not a fit and proper person to be a person referred to in subsection (3).

130D(5)   [ Relevant matters]  

In deciding whether it is satisfied as mentioned in subsection (4), the Court may take into account:


(a) any matters specified in the regulations or the prudential standards for the purposes of this paragraph; and


(b) any other matters the Court considers relevant.

130D(5A)  


In deciding whether it is satisfied as mentioned in paragraph (4)(b), the Court may also take into account any criteria for fitness and propriety that are relevant to the person as auditor or actuary set out in the prudential standards.

130D(6)   [ Deciding what is " justified " ]  

In deciding whether the disqualification is justified as mentioned in paragraph (2)(b), the Court may have regard to:


(a) the person ' s conduct in relation to his or her duties under this Act, the regulations and the prudential standards; and


(b) any other matters the Court considers relevant.

130D(7)   [ Notice]  

As soon as practicable after the Court disqualifies a person under this section, the Regulator must cause particulars of the disqualification to which the notice relates to be published in the Gazette .




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