Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 131

Application of section

  (1A)   This section applies to the extent that the Regulator is the Commissioner of Taxation.

Disqualification order

  (1)   The Regulator may make a written order (a disqualification order ) disqualifying a person from being an actuary for the purposes of this Act if:

  (a)   the person has failed, whether within or outside Australia, to carry out or perform adequately and properly:

  (i)   the duties of an 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 actuary; or

  (iii)   any functions that an 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 an actuary for the purposes of this Act.

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

Date of effect

  (2)   A disqualification order takes effect on the day specified in the order. The specified day must be within the 28 - day period beginning on the day on which the order was made.

Notification

  (3)   The Regulator must give a copy of the order to the person.

Publication

  (4)   The Regulator must, by notifiable instrument, publish particulars of the disqualification order as soon as practicable after it is made.

  (4A)   If the Regulator's decision to make the disqualification order is varied or revoked by the Regulator as a result of a reconsideration under subsection   344(4), the Regulator must, by notifiable instrument, publish particulars of the variation or revocation as soon as practicable after the decision is made.

  (4B)   If:

  (a)   the Regulator's decision to make the disqualification order is confirmed or varied by the Regulator as a result of a reconsideration under subsection   344(4); and

  (b)   the decision as so confirmed or varied is varied or set aside by the Administrative Review Tribunal;

the Regulator must, by notifiable instrument, publish particulars of the Tribunal's decision as soon as practicable after it is given.

Revocation

  (5)   The Regulator may revoke a disqualification order. The Regulator's power to revoke may be exercised:

  (a)   on the Regulator's own initiative; or

  (b)   on written application made by the disqualified person.

Revocation--decision on application

  (6)   If an application is made for the revocation of a disqualification order, the Regulator must decide to:

  (a)   revoke the order; or

  (b)   refuse to revoke the order.

Revocation--grounds

  (7)   The Regulator must not revoke a disqualification order unless the Regulator is satisfied that the person concerned:

  (a)   is likely to carry out and perform adequately and properly the duties of an actuary under this Act or the regulations; and

  (b)   is otherwise a fit and proper person to be an actuary for the purposes of this Act.

Revocation--date of effect

  (8)   A revocation of a disqualification order takes effect on the day the revocation is made.

Reasons for revocation

  (9)   If the Regulator decides to refuse an application for revocation of a disqualification order, the Regulator must cause to be given to the applicant a written notice setting out the decision and giving the reasons for the decision.

Publication

  (10)   If the Regulator revokes a disqualification order under subsection   (5), the Regulator must, by notifiable instrument, publish particulars of the revocation as soon as practicable after it occurs.