Superannuation Industry (Supervision) Act 1993

If, having regard to any of the following:

the offence to which the application relates;

the time that has passed since the applicant committed the offence;

the applicant’s age when the applicant committed the offence;

the orders made by the court in relation to the offence;

any other relevant matter;

contravene this Act; and

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

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:

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

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

the applicant is insolvent under administration.

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:

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

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

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

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

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.

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.