Commonwealth Consolidated Acts

FINANCIAL ACCOUNTABILITY REGIME ACT 2023 - SECT 42

Disqualification by the Regulator

  (1)   The Regulator may disqualify a person from being or acting as an accountable person, for a period that the Regulator considers appropriate, if the Regulator is satisfied that:

  (a)   the person has failed to comply with one or more of their accountability obligations under section   21; and

  (b)   the disqualification is justified, having regard to the seriousness of the failure to comply.

Note:   A decision to disqualify a person is a reviewable decision (see Part   5 of this Chapter).

  (2)   For the purposes of subsection   (1), the Regulator may disqualify a person from being or acting as an accountable person of one or more of the following:

  (a)   a particular accountable entity;

  (b)   a particular significant related entity of an accountable entity;

  (c)   a class of accountable entities;

  (d)   a class of significant related entities of accountable entities;

  (e)   any accountable entity;

  (f)   any significant related entity of an accountable entity.

Written notice

  (3)   The Regulator must give written notice of a disqualification to:

  (a)   the person; and

  (b)   each accountable entity of which the person is an accountable person when the disqualification decision is made; and

  (c)   each significant related entity of which the person is an accountable person when the disqualification decision is made; and

  (d)   each accountable entity of which an entity covered by paragraph   (c) is a significant related entity.

  (4)   A disqualification takes effect on the day specified in the notice (which must be at least 7 days after it is given).

  (5)   Before disqualifying a person, the Regulator must give written notice to each person mentioned in paragraphs   (3)(a) to (d), giving each of them an opportunity to make submissions on the matter.

  (6)   If a submission is made to the Regulator in response to the notice, the Regulator must have regard to the submission and may discuss any matter contained in the submission with such persons as it considers appropriate for the purpose of making a decision under this section.

  (7)   A notice given under subsection   (5) must state that any submissions made in response to the notice may be discussed by the Regulator with any other persons as mentioned in subsection   (6).

Notice not a legislative instrument

  (8)   A notice under subsection   (3) or (5) is not a legislative instrument.