Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (25 of 2008)

Schedule 1   Court power of disqualification etc.

Part 1   Amendments commencing on Royal Assent

Superannuation Industry (Supervision) Act 1993

62   Subsection 131(1)

Repeal the subsection, substitute:

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 approved auditor or 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 auditor or an actuary (as the case requires) 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 an actuary (as the case requires); or

(iii) any functions that an auditor or actuary (as the case requires) 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 or actuary for the purposes of this Act.

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

Note: The heading to section 131 is altered by inserting " and actuaries " after " Auditors ".