Superannuation Industry (Supervision) Act 1993

Div 3 heading inserted by No 25 of 2008, s 3 and Sch 1 item 61, effective 26 May 2008.

S 131(1A) and 131(1) substituted for s 131(1), by No 25 of 2008, s 3 and Sch 1 item 62, effective 26 May 2008.

S 131(1) amended by No 158 of 2012, s 3 and Sch 2 items 21 - 24, by omitting " approved auditor or " first occurring before " actuary " , substituting " an actuary " for " an auditor or an actuary (as the case requires) " in para (a)(i) and (ii), substituting " an actuary " for " an auditor or actuary (as the case requires) " in para (a)(iii) and omitting " approved auditor or " before " actuary " in para (b), effective 31 January 2013. For application provisions see note under Pt 16 Div 1A heading.

S 131(1A) and 131(1) substituted for s 131(1), by No 25 of 2008, s 3 and Sch 1 item 62, effective 26 May 2008.

No 25 of 2008, s 3 and Sch 1 item 70, contains the following application and transitional provisions:

Application and transitional provisions  
(1)
For the purposes of the Superannuation Industry (Supervision) Act 1993 , a disqualification by the Commissioner of Taxation that is in force under section 120A of that Act immediately before 26 May 2008 continues in force after 26 May 2008 as if it were made under section 126A of that Act (as in force at that time).

(2)
For the purposes of the Superannuation Industry (Supervision) Act 1993 , a disqualification by APRA that is in force under section 120A of that Act immediately before 26 May 2008 continues in force after 26 May 2008.

(3)
For the purposes of the Superannuation Industry (Supervision) Act 1993 , a disqualification by APRA or the Commissioner of Taxation that is in force under section 131 of that Act immediately before 26 May 2008 continues in force after 26 May 2008.

(4)
For the purposes of the Superannuation Industry (Supervision) Act 1993 , a reference in column 1 of the table in the provision of the Superannuation Industry (Supervision) Act 1993 (as in force immediately after 26 May 2008) referred to in column 2 is taken to include the reference in column 3.

New references to court orders to include references to disqualifications by the Regulator
References
Item	Column 1 Reference	Column 2 Provision of the Superannuation Industry (Supervision) Act	Column 3 Reference taken to be included
1	an individual disqualified under section 126A by the Commissioner of Taxation	subparagraph 120(1)(c)(i)	an individual disqualified under section 120A by the Commissioner of Taxation under a disqualification that is continued in force under subitem (1)
2	an individual disqualified under section 126H by the Federal Court of Australia	subparagraph 120(1)(c)(ii)	an individual disqualified under section 120A by APRA under a disqualification that is continued in force under subitem (2)
3	an individual disqualified under section 126H	paragraph 126J(1)(a)	an individual disqualified by APRA under section 120A under a disqualification that is continued in force under subitem (2)
4	an order made under section 126H	paragraph 126J(1)(a) and subsection 126J(2)	a disqualification made by APRA under section 120A that is continued in force under subitem (2)
5	a person disqualified under section 130D	section 130E, section 131C	a person disqualified by APRA under section 131 under a disqualification that is continued in force under subitem (3)
6	an order made under section 130D	section 130E	a disqualification made by APRA under section 131 that is continued in force under subitem (3)

(5)
Sections 126A , 126H , 130D and 131 of the Superannuation Industry (Supervision) Act 1993 (as in force immediately after 26 May 2008) apply in relation to any conduct engaged in by a person, whether before or after 26 May 2008.

Waivers of disqualifications

(6)
If:

(a) either:

(i) a person applies to APRA for a declaration under section 126D of the Superannuation Industry (Supervision) Act 1993 waiving his or her status as a disqualified person; or

(ii) a person applies to APRA under section 131 of the Superannuation Industry (Supervision) Act 1993 for the revocation of an order under section 131 of that Act; and

(b) APRA has not made a decision on the application at 26 May 2008;

the application is taken to be withdrawn at that time.

Note:

See subitem (9) for the treatment of a decision by APRA under section 126D or 131 of the Superannuation Industry (Supervision) Act 1993 in respect of which review proceedings are on foot at 26 May 2008.

(7)
A declaration by APRA under section 126D of the Superannuation Industry (Supervision) Act 1993 that is in force immediately before 26 May 2008 continues in force after 26 May 2008. However, APRA may not revoke the declaration.

(8)
If:

(a) a declaration in relation to a person continues in force under subitem (7); and

(b) after 26 May 2008, an order is made under section 126H or 130D of the Superannuation Industry (Supervision) Act 1993 (as in force at that time) that the person is disqualified from being or acting as a person referred to in subsection 126H(2) or 130D(3) (as the case requires) of that Act;

the declaration ceases to be in force.

Review proceedings on foot at commencement

(9)
The amendments to the Superannuation Industry (Supervision) Act 1993 made by this Schedule do not affect:

(a) any request, in relation to a decision made by APRA or the Commissioner of Taxation under section 120A , 126D or 131 of that Act, for a review that is pending under section 344 of that Act immediately before 26 May 2008; or

(b) any proceeding, in relation to a decision by APRA or the Commissioner of Taxation under section 120A , 126D or 131 of that Act that has been confirmed or varied under subsection 344(4) of that Act, that is pending before the Administrative Appeals Tribunal immediately before 26 May 2008; or

(c) any appeal to a court in relation to a proceeding referred to in paragraph (b).

(10)
If a disqualification under section 120A or 131 , or a declaration under section 126D , of the Superannuation Industry (Supervision) Act 1993 is confirmed or varied as a result of a request, proceeding or appeal referred to in subitem (9), the disqualification or declaration is, for the purposes of subitem (1), (2), (3) or (7) (as the case requires), taken to have been in force immediately before 26 May 2008.

S 131(1) formerly read:

131(1) Disqualification order.  

The Regulator may make a written order ( disqualification order ) disqualifying a person from being an approved auditor 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 auditor 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

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

S 131(1) amended by No 121 of 2001, s 3 and Sch 2 item 138, by inserting " or the Financial Sector (Collection of Data) Act 2001 " after " regulations " in subpara (a)(iii), effective 1 July 2002. For application provision see history note under s 36(1).

S 131(1) amended by No 121 of 1999, s 3 and Sch 1 item 84, by substituting " The Regulator " for " APRA " , effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(1) amended by No 54 of 1998 and No 144 of 1995.

S 131(3) amended by No 121 of 1999, s 3 and Sch 1 item 85, by substituting " The Regulator " for " APRA " , effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(3) amended by No 54 of 1998.

S 131(4) amended by No 69 of 2023, s 3 and Sch 4 item 36, by substituting " , by notifiable instrument, publish particulars of the disqualification order " for " cause particulars of the disqualification order to be published in the Gazette " , effective 15 September 2023.

S 131(4) amended by No 121 of 1999, s 3 and Sch 1 item 85, by substituting " The Regulator " for " APRA " , effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(4) amended by No 54 of 1998, substituted by No 38 of 1999.

S 131(4A) amended by No 69 of 2023, s 3 and Sch 4 item 37, by substituting " , by notifiable instrument, publish particulars of the variation or revocation " for " cause particulars of the variation or revocation to be published in the Gazette " , effective 15 September 2023.

S 131(4A) amended by No 158 of 2012, s 3 and Sch 2 items 25 - 26, by substituting " the Regulator ' s " for " APRA ' s " and " the Regulator " for " APRA " wherever occurring, effective 31 January 2013. For application provisions see note under Pt 16 Div 1A heading.

S 131(4A) amended by No 54 of 1998, inserted by No 38 of 1999.

S 131(4B) amended by No 38 of 2024, s 3 and Sch 1 item 71, by substituting " Administrative Review Tribunal " for " Administrative Appeals Tribunal " in para (b), effective 14 October 2024.

S 131(4B) amended by No 69 of 2023, s 3 and Sch 4 item 38, by substituting " , by notifiable instrument, publish particulars of the Tribunal ' s decision " for " cause particulars of the Tribunal ' s decision to be published in the Gazette " , effective 15 September 2023.

S 131(4B) amended by No 158 of 2012, s 3 and Sch 2 items 27 - 28, by substituting " the Regulator ' s " for " APRA ' s " in para (a) and " the Regulator " for " APRA " wherever occurring in the subsection, effective 31 January 2013. For application provisions see note under Pt 16 Div 1A heading.

S 131(4B) amended by No 54 of 1998, inserted by No 38 of 1999.

S 131(5) amended by No 121 of 1999, s 3 and Sch 1 items 86-88, by substituting " The Regulator " for " APRA " and " The Regulator ' s " for " APRA ' s " (first occurring) and " the Regulator ' s " for " APRA ' s " in para (a), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(5) amended by No 54 of 1998.

S 131(6) amended by No 121 of 1999, s 3 and Sch 1 item 89, by substituting " the Regulator " for " APRA " , effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(6) amended by No 54 of 1998.

S 131(7) amended by No 158 of 2012, s 3 and Sch 2 items 29 - 30, by substituting " an actuary " for " an auditor or actuary (as the case requires) " in para (a) and " an actuary " for " an approved auditor or actuary (as the case requires) " in para (b), effective 31 January 2013. For application provisions see note under Pt 16 Div 1A heading.

S 131(7) amended by No 25 of 2008, s 3 and Sch 1 item 63, by inserting " or actuary (as the case requires) " after " auditor " in paras (a) and (b), effective 26 May 2008.

S 131(7) amended by No 121 of 1999, s 3 and Sch 1 items 90-91, by substituting " The Regulator " for " APRA " (first occurring) and " the Regulator " for " APRA " (second occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(7) amended by No 54 of 1998.

S 131(9) amended by No 121 of 1999, s 3 and Sch 1 item 92, by substituting " the Regulator " for " APRA " (wherever occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(9) amended by No 54 of 1998.

S 131(10) amended by No 69 of 2023, s 3 and Sch 4 item 40, by substituting " , by notifiable instrument, publish particulars of the revocation " for " cause particulars of the revocation to be published in the Gazette " , effective 15 September 2023.

S 131(10) amended by No 121 of 1999, s 3 and Sch 1 item 93, by substituting " the Regulator " for " APRA " (wherever occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131(10) substituted by No 38 of 1999.

S 131(10) amended by No 54 of 1998.