Banking Act 1959
APRA may disqualify a person from being or acting as an accountable person, for a period that APRA considers appropriate, if APRA is satisfied that:
(a) the person has not complied with his or her accountability obligations under section 37CA ; and
(b) having regard to the seriousness of the non-compliance, the disqualification is justified. (2)
For the purposes of subsection (1), APRA may disqualify a person from being or acting as an accountable person of one or more of the following:
(a) a particular ADI;
(b) a particular subsidiary of an ADI;
(c) a class of ADIs;
(d) a class of subsidiaries of ADIs;
(e) any ADI;
(f) any subsidiary of an ADI. Written notice (3)
APRA must give written notice of a disqualification to the person and the ADI. (4)
A disqualification takes effect on the day specified in the notice, which must be not earlier than 7 days after it is signed. (5)
Before disqualifying a person, APRA must give written notice to:
(a) the person; and
(b) the ADI;
giving each of them an opportunity to make submissions on the matter.(6)
If a submission is made to APRA in response to the notice, APRA must have regard to the submission and may discuss any matter contained in the submission with such persons as it considers appropriate for the purpose of assessing the truth of the matter. (7)
A notice given under subsection (5) to an accountable person and an ADI must state that any submissions made in response to the notice may be discussed by APRA with any other persons as mentioned in subsection (6). (8)
Part VI applies to a decision by APRA under this section to disqualify a person.
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