Document ID: chunk:federal_register_of_legislation:C2005C00497:clause:2_21
Version: federal_register_of_legislation:C2005C00497
Segment Type: clause
Provision Reference: sch 2 cl 21
Character Range: 24953–26846

21  APRA may disqualify person

 (1) APRA may disqualify a person if it is satisfied that the person is not a fit and proper person to be or to act as someone referred to in paragraph 19(1)(a), (b) or (c) or (2)(a), (b) or (c).

 (1A) In deciding whether it is satisfied as mentioned in subsection (1), APRA may take into account:
 (a) any matters specified in the regulations for the purposes of this paragraph; and
 (b) any other matters APRA considers relevant.

 (1B) If regulations specifying matters for the purposes of paragraph (1A)(a) also specify the way in which, the extent to which or the circumstances in which:
 (a) the matters; or
 (b) any information or material relating to the matters;
may be taken into account by APRA, APRA must comply with the regulations.

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

 (3) APRA may revoke a disqualification on application by the disqualified person or on its own initiative. A revocation takes effect on the day on which it is made.

 (4) APRA must give the person written notice of a disqualification, revocation of a disqualification or a refusal to revoke a disqualification.

 (5) As soon as practicable after a notice is given to a person under subsection (4), APRA must cause particulars of the disqualification, revocation or refusal to which the notice relates:
 (a) to be given:
 (i) if the person is, or is acting as, a person referred to in paragraph 19(1)(a) or (2)(a)—to the ADI concerned; or
 (ii) if the person is, or is acting as, a person referred to in paragraph 19(1)(b) or (2)(b)—to the foreign ADI concerned; or
 (iii) if the person is, or is acting as, a person referred to in paragraph 19(1)(c) or (2)(c)—to the authorised NOHC; and
 (b) to be published in the Gazette.

 (6) Part VI applies to a disqualification under this section or to a refusal to revoke such a disqualification.