S 67, 67A and 67B substituted for s 67 by No 25 of 2008, s 3 and Sch 1 item 38, effective 26 May 2008.
No 25 of 2008, s 3 and Sch 1 item 40, contains the following application and transitional provisions:
Application and transitional provisions
(1)
For the purposes of the
Retirement Savings Accounts Act 1997
, a disqualification by APRA that is in force under section
67
of that Act immediately before 26 May 2008 continues in force after 26 May 2008.
(2)
For the purposes of the
Retirement Savings Accounts Act 1997
, a reference in column 1 of the table in the provision of the
Retirement Savings Accounts Act 1997
(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 APRA
|
|
Item
|
Column 1
Reference
|
Column 2
Provision of the Retirement Savings Accounts Act
|
Column 3
Reference taken to be included
|
| 1 |
a person disqualified under section 67 |
sections 67A and 67B |
a person disqualified under section 67 under a disqualification that is continued in force under subitem (1) |
| 2 |
an order made under section 67 |
subsection 67A(1) |
a disqualification made under section 67 that is continued in force under subitem (1) |
(3)
Section
67
of the
Retirement Savings Accounts Act 1997
(as in force immediately after 26 May 2008) applies in relation to any conduct engaged in by a person, whether before or after 26 May 2008.
Waivers of disqualifications
(4)
If:
(a)
a person applies to APRA under section
67
of the
Retirement Savings Accounts Act 1997
for the revocation of a disqualification order under section
67
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the application is taken to be withdrawn at that time.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 (5) for the treatment of a decision by APRA under section
67
of the
Retirement Savings Accounts Act 1997
in respect of which review proceedings are on foot at commencement.
Review proceedings on foot at commencement
(5)
The amendments to the
Retirement Savings Accounts Act 1997
made by this Schedule do not affect:
(a)
any request, in relation to a decision made under section
67
of that Act, for a review that is pending under section
189
of that Act immediately before 26 May 2008; or
(b)
any proceeding, in relation to a decision under section
67
of that Act that has been confirmed or varied under subsection
189(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).
(6)
If a disqualification by APRA under section
67
of the
Retirement Savings Accounts Act 1997
is confirmed or varied as a result of a request, proceeding or appeal referred to in subitem (5), the disqualification is, for the purposes of subitem (1), taken to have been in force immediately before 26 May 2008.
S 67 formerly read:
SECTION 67 AUDITORS
-
DISQUALIFICATION ORDERS
67(1)
Disqualification order.
APRA may make a written order (the
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.
History
S 67(1) amended by No 121 of 2001, s 3 and Sch 2 item 88, 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 3(1).
S 67(1) amended by No 54 of 1998.
67(2)
Date of effect.
The 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.
67(3)
Notification.
APRA must give a copy of the order to the person.
History
S 67(3) amended by No 54 of 1998.
67(4)
Gazettal.
APRA must cause to be published in the
Gazette
particulars of:
(a)
the disqualification order; and
(b)
any action taken under section
189
of this Act, or under the
Administrative Appeals Tribunal Act 1975
, in relation to the decision to make the order.
History
S 67(4) amended by No 54 of 1998.
67(5)
Revocation.
APRA may revoke a disqualification order. APRA
'
s power to revoke may be exercised:
(a)
on APRA
'
s own initiative; or
(b)
on written application made by the disqualified person.
History
S 67(5) amended by No 54 of 1998.
67(6)
Revocation
-
decision on application.
If an application is made for the revocation of a disqualification order, APRA must decide to:
(a)
revoke the order; or
(b)
refuse to revoke the order.
History
S 67(6) amended by No 54 of 1998.
67(7)
Revocation
-
grounds.
APRA must not revoke a disqualification order unless APRA is satisfied that the person concerned:
(a)
is likely to carry out and perform adequately and properly the duties of an auditor under this Act or the regulations; and
(b)
is otherwise a fit and proper person to be an approved auditor for the purposes of this Act.
History
S 67(7) amended by No 54 of 1998.
67(8)
Revocation
-
date of effect.
A revocation of a disqualification order takes effect on the day the revocation is made.
67(9)
Reasons for revocation.
If APRA decides to refuse an application for revocation of a disqualification order, APRA must cause to be given to the applicant a written notice setting out the decision and giving the reasons for the decision.
History
S 67(9) amended by No 54 of 1998.
67(10)
Gazettal.
APRA must cause to be published in the
Gazette
particulars of the revocation of a disqualification order.
History
S 67(10) amended by No 54 of 1998.
View history note
Hide history note