Superannuation Industry (Supervision) Act 1993

PART 16 - ACTUARIES AND AUDITORS OF SUPERANNUATION ENTITIES  

Division 3 - Disqualifying and removing actuaries and auditors  

SECTION 131   ACTUARIES - DISQUALIFICATION ORDERS  
Application of section

131(1A)    


This section applies to the extent that the Regulator is the Commissioner of Taxation.

Disqualification order

131(1)    


The Regulator may make a written order (a disqualification order ) disqualifying a person from being an actuary for the purposes of this Act if:

(a)    

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

(i) the duties of an actuary under this Act or the regulations; or

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

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

(b)    

the person is otherwise not a fit and proper person to be an actuary for the purposes of this Act.
Note:

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



Date of effect

131(2)    
A disqualification order takes effect on the day specified in the order. The specified day must be within the 28-day period beginning on the day on which the order was made.

Notification

131(3)    


The Regulator must give a copy of the order to the person.

Publication

131(4)    


The Regulator must, by notifiable instrument, publish particulars of the disqualification order as soon as practicable after it is made.

131(4A)    


If the Regulator ' s decision to make the disqualification order is varied or revoked by the Regulator as a result of a reconsideration under subsection 344(4) , the Regulator must, by notifiable instrument, publish particulars of the variation or revocation as soon as practicable after the decision is made.

131(4B)    


If:

(a)    

the Regulator ' s decision to make the disqualification order is confirmed or varied by the Regulator as a result of a reconsideration under subsection 344(4) ; and

(b)    the decision as so confirmed or varied is varied or set aside by the Administrative Appeals Tribunal;

the Regulator must, by notifiable instrument, publish particulars of the Tribunal ' s decision as soon as practicable after it is given.



Revocation

131(5)    


The Regulator may revoke a disqualification order. The Regulator ' s power to revoke may be exercised:

(a)    

on the Regulator ' s own initiative; or

(b)    on written application made by the disqualified person.



Revocation - decision on application

131(6)    


If an application is made for the revocation of a disqualification order, the Regulator must decide to:

(a)    revoke the order; or

(b)    refuse to revoke the order.



Revocation - grounds

131(7)    


The Regulator must not revoke a disqualification order unless the Regulator is satisfied that the person concerned:

(a)    

is likely to carry out and perform adequately and properly the duties of an actuary under this Act or the regulations; and

(b)    

is otherwise a fit and proper person to be an actuary for the purposes of this Act.

Revocation - date of effect

131(8)    
A revocation of a disqualification order takes effect on the day the revocation is made.

Reasons for revocation

131(9)    


If the Regulator decides to refuse an application for revocation of a disqualification order, the Regulator must cause to be given to the applicant a written notice setting out the decision and giving the reasons for the decision.

Publication

131(10)    


If the Regulator revokes a disqualification order under subsection (5) , the Regulator must, by notifiable instrument, publish particulars of the revocation as soon as practicable after it occurs.



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