Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.