Document ID: chunk:federal_register_of_legislation:C2010C00224:clause:1_130d
Version: federal_register_of_legislation:C2010C00224
Segment Type: clause
Provision Reference: sch 1 cl 130D
Character Range: 71764–74028

130D  Court power of disqualification

 (1) This section applies to the extent that the Regulator is APRA.

 (2) On application by the Regulator, the Federal Court of Australia may, by order, disqualify a person from being or acting as a person referred to in subsection (3), for a period that the Court considers appropriate, if the Court is satisfied:
 (a) as mentioned in subsection (4); and
 (b) that the disqualification is justified.

Note: For offences relating to persons disqualified under this section, see section 131C.

 (3) For the purposes of subsection (2), the Court may disqualify a person from being or acting as an approved auditor or actuary, for the purposes of this Act, of:
 (a) a particular superannuation entity; or
 (b) a class of superannuation entities; or
 (c) any superannuation entity.

 (4) The Court may disqualify a person, in accordance with subsection (2), if the Court is satisfied that:
 (a) the person has failed, whether within or outside Australia, to carry out or perform adequately and properly:
 (i) the duties of an auditor or actuary under this Act or the regulations; or
 (ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor or actuary; or
 (iii) any functions that an auditor or actuary is entitled to perform in relation to this Act or the regulations or the Financial Sector (Collection of Data) Act 2001; or
 (b) the person is otherwise not a fit and proper person to be a person referred to in subsection (3).

 (5) In deciding whether it is satisfied as mentioned in subsection (4), the Court may take into account:
 (a) any matters specified in the regulations for the purposes of this paragraph; and
 (b) any other matters the Court considers relevant.

 (6) In deciding whether the disqualification is justified as mentioned in paragraph (2)(b), the Court may have regard to:
 (a) the person's conduct in relation to his or her duties under this Act and the regulations; and
 (b) any other matters the Court considers relevant.

 (7) As soon as practicable after the Court disqualifies a person under this section, the Regulator must cause particulars of the disqualification to which the notice relates to be published in the Gazette.