Document ID: chunk:federal_register_of_legislation:C2018A00005:clause:1_37da
Version: federal_register_of_legislation:C2018A00005
Segment Type: clause
Provision Reference: sch 1 cl 37DA
Character Range: 17200–18058

37DA  People prohibited from being an accountable person
 (1) A person is prohibited from being an accountable person if the person:
 (a) is not registered under Subdivision B of Division 6; or
 (b) is disqualified under section 37J.
 (2) However, if a person becomes an accountable person of an ADI, or a subsidiary of an ADI, by filling a temporary vacancy or a vacancy that was not foreseen at the time it arose, paragraph (1)(a) does not apply to the person until the person has been an accountable person for:
 (a) 28 days; or
 (b) such other period as is determined under subsection (3) or (4).
 (3) APRA may, by written notice given to an ADI, determine a period for the purposes of paragraph (2)(b) in relation to the ADI or a subsidiary of the ADI.
 (4) APRA may, by legislative instrument, determine a period for the purposes of paragraph (2)(b).