Retirement Savings Accounts Act 1997

PART 6 - RECORDS, AUDITS AND AUDITORS  

SECTION 67   COURT POWER OF DISQUALIFICATION  

67(1)   [ Court power]  

On application by APRA, the Federal Court of Australia may, by order, disqualify a person from holding any appointment as a person referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied:


(a) as mentioned in subsection (3); and


(b) that the disqualification is justified.

Note:

For offences relating to persons disqualified under this section, see section 67B .

67(2)   [ Relevant auditors]  

For the purposes of subsection (1), the Court may disqualify a person from being or acting as an auditor of:


(a) a particular RSA provider; or


(b) a class of RSA providers; or


(c) any RSA provider.

67(3)   [ Basis for disqualification]  

The Court may disqualify a person, in accordance with subsection (1), 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 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 auditor; or

(iii) any functions that an auditor 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 approved auditor for the purposes of this Act.

67(4)   [ Relevant matters]  

In deciding whether it is satisfied as mentioned in subsection (3), the Court may take into account:


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


(b) any other matters the Court considers relevant.

67(5)   [ Person ' s conduct]  

In deciding whether the disqualification is justified as mentioned in paragraph (1)(b), the Court may have regard to:


(a) the person ' s conduct in relation to the functions or duties that the person is required to perform under this Act or the regulations; and


(b) any other matters the Court considers relevant.

67(6)   [ Notice of decision]  

As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification:


(a) if the person is, or is acting as, an auditor of an RSA provider - to be given to the RSA provider concerned; and


(b) to be published in the Gazette .




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.