126EThe effect of seeking a waiver of disqualified person status

126E The effect of seeking a waiver of disqualified person status

(1) If: (a) a person is a disqualified person; and (b) the person is eligible to make application for a declaration waiving his or her status as a disqualified person; and (c) the person makes application for such a declaration under subsection 126B(3) within the application period specified in that subsection; the person is treated, for the purposes of this Act, (other than the purpose of the application for the declaration) as not being, and as never having been, a disqualified person until that application is decided. (2) On deciding an application for a declaration waiving the disqualified person status of a person to whom paragraphs 1(a), (b) and (c) apply: (a) if the Regulator decides to make the declaration, the Act applies as if the person had never been disqualified; and (b) if the Regulator decides not to make the declaration, the person again becomes a disqualified person from the date of the decision. (3) If: (a) a person is a disqualified person; and (b) the person is eligible to make application for a declaration waiving his or her status as a disqualified person; and (c) the person makes application for such a declaration under subsection 126B(4); then: (d) pending the decision of the application the person continues to be a disqualified person for the purposes of this Act; but (e) if the Regulator decides to make a declaration waiving the person’s status as a disqualified person, the person is treated, for the purposes of this Act, as if the person had never been a disqualified person.