126DNotifying of the outcome of an application

126D Notifying of the outcome of an application

(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.