Document ID: chunk:federal_register_of_legislation:C2025C00134:section:120
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 120
Character Range: 600073–602458

120  Disqualified persons

Individuals
 (1) For the purposes of this Part, an individual is a disqualified person if:
 (a) at any time (including a time before the commencement of this section):
 (i) the individual was convicted of an offence against or arising out of a law of the Commonwealth, a State, a Territory or a foreign country, being an offence in respect of dishonest conduct; or
 (ii) a civil penalty order was made in relation to the person; or
 (b) the person is an insolvent under administration; or
 (c) either:
 (i) to the extent that the Regulator is the Commissioner of Taxation—the Regulator has disqualified the individual under section 126A; or
 (ii) to the extent that the Regulator is APRA—the Federal Court of Australia has disqualified the individual under section 126H.

Bodies corporate
 (2) For the purposes of this Part, a body corporate is a disqualified person if:
 (a) the body corporate knows, or has reasonable grounds to suspect, that a person who is, or is acting as, a responsible officer of the body corporate is:
 (i) for a person who is a disqualified person only because he or she was disqualified under section 126H—disqualified from being or acting as a responsible officer of the body corporate; or
 (ii) otherwise—a disqualified person; or
 (b) a receiver, or a receiver and manager, has been appointed in respect of property beneficially owned by the body; or
 (c) an administrator has been appointed in respect of the body; or
 (ca) a restructuring practitioner (within the meaning of the Corporations Act 2001) has been appointed in respect of the body; or
 (d) a provisional liquidator has been appointed in respect of the body; or
 (e) the body has begun to be wound up.

Convictions
 (3) A reference in this section to a person who has been convicted of an offence includes a reference to a person in respect of whom an order has been made under section 19B of the Crimes Act 1914, or under a corresponding provision of a law of a State, a Territory or a foreign country, in relation to the offence.

Law on spent convictions does not apply
 (4) Division 3 of Part VIIC of the Crimes Act 1914 does not apply in relation to the disclosure of information about a conviction of the kind mentioned in paragraph (1)(a), if the disclosure is for the purposes of this Part.

Division 2—Requirements for custodians and investment managers