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 126D   NOTIFYING OF THE OUTCOME OF AN APPLICATION  

126D(1)  
(Repealed by No 25 of 2008)

126D(1A)   [Waiver of disqualified person status]  

If, having regard to any of the following:


(a) the offence to which the application relates;


(b) the time that has passed since the applicant committed the offence;


(c) the applicant ' s age when the applicant committed the offence;


(d) the orders made by the court in relation to the offence;


(e) any other relevant matter;

the Regulator is satisfied that the applicant is highly unlikely to:


(f) contravene this Act; and


(g) do anything that would result in a self managed superannuation fund not complying with this Act;

the Regulator must, by notice in writing given to the applicant, make a declaration waiving the applicant ' s status as a disqualified person for the purposes of this Part.

126D(2)   [Disqualified status despite declaration]  

Despite any declaration waiving an applicant ' s status as a disqualified person for the purposes of this Part, the applicant will still be a disqualified person if:


(a) the applicant had been convicted of an offence involving dishonest conduct that the applicant did not include in the application; or


(b) a civil penalty order has been made against the applicant; or


(c) the applicant is insolvent under administration.

126D(3)   [Notice of decision not to waive disqualified status]  

If the Regulator decides not to make a declaration waiving the applicant ' s status as a disqualified person for the purposes of this Part, the Regulator must:


(a) by notice in writing, record that it has so decided; and


(b) give the applicant a statement, to which a copy of the notice referred to in paragraph (a) is attached, telling the applicant:


(i) that the Regulator has so decided and of the reasons for that decision; and

(ii) that the applicant must resign immediately and confirm that resignation, in writing, to the Regulator; and

(iii) that if the applicant fails so to resign and is the responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity the Regulator will tell the body corporate of the applicant ' s status as a disqualified person.

126D(4)   [Notice that applicant is disqualified person]  

If the Regulator becomes aware that the responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity has failed to resign in accordance with the requirements of a statement under paragraph (3)(b) the Regulator must tell the body corporate that the applicant is a disqualified person.




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