143LRemoval of supervisor by regulator

143L Removal of supervisor by regulator

143L Removal of supervisor by regulator

(1) The regulator may, on the regulator’s own initiative, remove a named supervisor from a licence if—

(a) the regulator becomes aware of a relevant matter for the named supervisor, or

(b) the regulator is satisfied the named supervisor was approved on the basis of information that is false or misleading in a material particular, including a certification obtained by giving information that is false or misleading in a material particular.

(2) Subsection (1) does not apply if the licence holder is the relevant named supervisor.

Note—

If the licence holder is the relevant named supervisor, see section 143Y.

(3) Before amending a licence under this section, the regulator must give the licence holder written notice informing the licence holder—

(a) of the proposed removal of the named supervisor, and

(b) the reasons for the proposed removal, and

(c) that the licence holder may, by a specified date, make a submission to the regulator about the proposed removal.

(4) The specified date must be at least 28 days after the date of the notice.

(5) After the specified date, the regulator must—

(a) if the licence holder has made a submission about the proposed amendment—consider the submission, and

(b) whether or not the licence holder has made a submission—decide whether or not to remove the named supervisor from the licence, and

(c) within 14 days after making the decision, give the licence holder written notice of the decision, including the reasons for the decision.

(6) The regulator’s decision takes effect when notice of the decision is given to the licence holder.