Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to the extent that the Regulator is APRA or ASIC.
(2) On application by the Regulator, the Federal Court of Australia may, by order, disqualify a person (other than a company) 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 auditor, lead 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, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001 ; or
(ia) the duties of a lead auditor under this Act, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001 ; 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, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 ; or
(iv) any duties required to be performed under the Financial Accountability Regime Act 2023 ; or
(aa) the person has been or acted as the auditor or actuary of a registrable superannuation entity, knowing that he or she did not meet the relevant eligibility criteria set out in the prudential standards; or
(ab) the person has been or acted as the lead auditor for an audit of a registrable superannuation entity, knowing that the person did not meet the relevant eligibility criteria set out in the prudential standards; 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 or the prudential standards for the purposes of this paragraph; and
(b) any other matters the Court considers relevant.
(5A) In deciding whether it is satisfied as mentioned in paragraph (4)(b), the Court may also take into account any criteria for fitness and propriety that are relevant to the person as auditor or actuary set out in the prudential standards.
(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, the regulations and the prudential standards; 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, by notifiable instrument, publish particulars of the disqualification.