SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
On application by the Regulator, the Federal Court of Australia may, by order, disqualify an individual from being or acting 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), (4) or (5); and
(b) that the disqualification is justified.
For offences relating to disqualified persons, see Subdivision C .126H(2) [ Disqualification of trustee or officer]
(a) a trustee of:
(i) a particular superannuation entity; or
(ii) a class of superannuation entities; or
(iii) any superannuation entity; or
(b) a responsible officer of:
(i) a particular body corporate that is a trustee, an investment manager or a custodian of a superannuation entity; or
(ii) a class of bodies corporate that are trustees, investment managers or custodians of superannuation entities; or
126H(3) [ Criteria for disqualification]
(iii) any body corporate that is a trustee, investment manager or custodian of a superannuation entity.
(a) that the individual has contravened this Act or the Financial Sector (Collection of Data) Act 2001 on one or more occasions; and
(b) that the nature or seriousness of the contravention or contraventions, or the number of contraventions, provides grounds for disqualifying the individual. 126H(4) [ Disqualification of officer of body corporate]
(a) the body corporate has contravened this Act or the Financial Sector (Collection of Data) Act 2001 on one or more occasions; and
(b) at the time of one or more of the contraventions, the individual was a responsible officer of the body corporate; and
(c) in respect of the contravention or contraventions that occurred while the individual was a responsible officer of the body corporate - the nature or seriousness of it or them, or the number of them, provides grounds for the disqualification of the individual. 126H(5) [ " Fit and proper person " ]
The Court may disqualify an individual, in accordance with subsection (1), if satisfied that the individual is otherwise not a fit and proper person to be a person referred to in subsection (2).126H(6) [ Relevant matters]
(a) any matters specified in the regulations for the purposes of this paragraph; and
(b) any other matters the Court considers relevant. 126H(6A)
In deciding whether it is satisfied as mentioned in subsection (5), the Court may also take into account any criteria for fitness and propriety that are relevant to the trustee or responsible officer set out in the prudential standards.
(a) the individual ' s conduct in relation to the management, business or property of any corporation; and
(b) any other matters the Court considers relevant. 126H(8) [ Notice]
(a) to be given:
(i) if the individual is, or is acting as, a trustee of a superannuation entity - to the entity concerned; or
(ii) if the individual is, or is acting as, a responsible officer of a body corporate that is a trustee, an investment manager or a custodian of a superannuation entity - to the body corporate concerned; and
(b) to be published in the Gazette .
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