Document ID: chunk:federal_register_of_legislation:C2004A00753:clause:3_120a
Version: federal_register_of_legislation:C2004A00753
Segment Type: clause
Provision Reference: sch 3 cl 120A
Character Range: 19803–21811

120A  The Regulator may disqualify individuals

 (1) The Regulator may disqualify an individual if satisfied that:
 (a) the person has contravened this Act on one or more occasions (whether before or after the commencement of this section); and
 (b) the nature or seriousness of the contravention or contraventions, or the number of contraventions, provides grounds for disqualifying the individual.

 (2) The Regulator may disqualify an individual who is, or was (including before the commencement of this section), a responsible officer of a trustee, investment manager or custodian (the body corporate) if satisfied that:
 (a) the body corporate has contravened this Act on one or more occasions (whether before or after the commencement of this section); 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.

 (3) The Regulator may disqualify an individual if satisfied that the individual is otherwise not a fit and proper person to be a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian.

 (4) A disqualification takes effect on the day on which it is made.

 (5) The Regulator may revoke a disqualification on application by the disqualified individual or on its own initiative. A revocation takes effect on the day on which it is made.

 (6) The Regulator must give the individual written notice of a disqualification, revocation of a disqualification or a refusal to revoke a disqualification.

 (7) The Regulator must cause particulars of a notice given under subsection 120A(6) or 344(6) (result of internal review) to be published in the Gazette as soon as practicable.