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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 126D Notifying of the outcome of an application

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 126D

Notifying of the outcome of an application

  (1A)   If, having regard to any of the following:

  (a)   the offence to which the application relates;

  (b)   the time that has passed since the applicant committed the offence;

  (c)   the applicant's age when the applicant committed the offence;

  (d)   the orders made by the court in relation to the offence;

  (e)   any other relevant matter;

the Regulator is satisfied that the applicant is highly unlikely to:

  (f)   contravene this Act; and

  (g)   do anything that would result in a self managed superannuation fund not complying with this Act;

the Regulator must, by notice in writing given to the applicant, make a declaration waiving the applicant's status as a disqualified person for the purposes of this Part.

  (2)   Despite any declaration waiving an applicant's status as a disqualified person for the purposes of this Part, the applicant will still be a disqualified person if:

  (a)   the applicant had been convicted of an offence involving dishonest conduct that the applicant did not include in the application; or

  (b)   a civil penalty order has been made against the applicant; or

  (c)   the applicant is insolvent under administration.

  (3)   If the Regulator decides not to make a declaration waiving the applicant's status as a disqualified person for the purposes of this Part, the Regulator must:

  (a)   by notice in writing, record that it has so decided; and

  (b)   give the applicant a statement, to which a copy of the notice referred to in paragraph   (a) is attached, telling the applicant:

  (i)   that the Regulator has so decided and of the reasons for that decision; and

  (ii)   that the applicant must resign immediately and confirm that resignation, in writing, to the Regulator; and

  (iii)   that if the applicant fails so to resign and is the responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity the Regulator will tell the body corporate of the applicant's status as a disqualified person.

  (4)   If the Regulator becomes aware that the responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity has failed to resign in accordance with the requirements of a statement under paragraph   (3)(b) the Regulator must tell the body corporate that the applicant is a disqualified person.

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