133Kinds of disciplinary action Secretary may take

133 Kinds of disciplinary action Secretary may take

133 Kinds of disciplinary action Secretary may take

(1) The Secretary may, if satisfied that one or more of the grounds for taking disciplinary action against a registered person have been established, do one or more of the following—

(a) decide to take no further action against the registered person,

(b) caution or reprimand the registered person,

(c) require the registered person to pay to the Secretary within a specified time a penalty amount of up to—

(i) for an individual—$110,000, or

(ii) otherwise—$220,000,

(d) impose a condition on the registration of the registered person, including a condition requiring the registered person to undertake specified education or training relating to a particular type of work or business practice within a specified time,

(e) vary, suspend or cancel the registration of the registered person in accordance with Part 4,

(f) disqualify the registered person, either temporarily or permanently, from being registered or being registered in a particular class,

(g) suspend or cancel the registration of a registered body corporate if the registered person becomes, or continues to be, a director or officer of the body corporate.

(2) In deciding the disciplinary action to take, the Secretary—

(a) must take into account other disciplinary action taken against the person under this part, and

(b) may take into account a written undertaking the person proposes to give under Part 7, Division 3.

(3) The Secretary must give a written statement of a decision made under this section to the relevant person as soon as reasonably practicable after the decision is made.

(4) The statement of a decision must specify—

(a) the decision that has been made, and

(b) if relevant, the date or time on which the decision takes effect, and

(c) the grounds for making the decision.