Superannuation Industry (Supervision) Act 1993
APRA may, if satisfied there is a ground under subsection (2), give a written direction to the trustee or trustees of a superannuation entity that is not a self managed superannuation fund to end the appointment of a person as:
(a) the auditor of the superannuation entity; or
(b) the actuary of the superannuation entity.
(a) the person is disqualified under section 130D or 131 from being, or acting as, an auditor or actuary of the superannuation entity; or
(b) the person is not a fit and proper person to hold the appointment; or
(ba) the person has been or acted as the auditor or actuary of a registrable superannuation entity, knowing that he or she did not meet the relevant eligibility criteria set out in the prudential standards; or
(c) the person has failed to perform adequately and properly the duties or functions of the appointment under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 .
In deciding, for the purposes of paragraph (2)(b), whether a person is a fit and proper person to hold an appointment, APRA may take into account any criteria for fitness and propriety that are relevant to the appointment set out in the prudential standards.
(a) give written notice to:
(i) the trustee or trustees; and
(ii) the person; and
(b) give the trustee or trustees and the person a reasonable opportunity to make submissions on the matter. 131AA(4) [ Submissions]
The notice must include a statement that any submissions in response to the notice may be discussed by APRA with other persons as mentioned in paragraph (5)(b).131AA(5) [ APRA response to submission]
(a) must have regard to the submission; and
(b) may discuss any matter contained in the submission with any persons APRA considers appropriate for the purpose of assessing the truth of the matter. 131AA(6) [ Effect of direction]
A direction to end a person ' s appointment takes effect on the day specified in the direction, which must be at least 7 days after the direction is made.131AA(7) [ Copy of direction]
If APRA directs a trustee or trustees to end a person ' s appointment, APRA must give the trustee or trustees and the person a copy of the direction.131AA(8) [ Scope of direction]
A direction to end a person ' s appointment is not a legislative instrument.131AA(9) [ Offence]
(a) the trustee does or fails to do an act; and
(b) by doing or failing to do the act, the trustee fails to comply with a direction under this section.
Penalty: 60 penalty units.131AA(10) [ Strict liability]
Strict liability applies to subsection (9).
For strict liability , see section 6.1 of the Criminal Code .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.