ASIC Superannuation (Notice of disqualification—Andrew Orphanides) Instrument 2025/0691

Overview

The ASIC Superannuation (Notice of disqualification—Andrew Orphanides) Instrument 2025/0691 was enacted on 29 September 2025 by Elissa Kelly, a delegate of the Australian Securities and Investments Commission, under subsection 130F(5) of the Superannuation Industry (Supervision) Act 1993. This instrument was introduced to address the need for accountability and compliance within the superannuation industry, particularly focusing on the disqualification of individuals who do not meet the necessary standards for approved SMSF auditors. The policy objective of this legislation is to protect the interests of superannuation fund members by ensuring that those responsible for auditing self-managed superannuation funds are both qualified and trustworthy. By disqualifying Andrew Orphanides from being an approved SMSF auditor, effective from 8 October 2025, the Australian Securities and Investments Commission aims to uphold the integrity and reliability of the superannuation auditing process.

Scope and Application

The ASIC Superannuation (Notice of disqualification—Andrew Orphanides) Instrument 2025/0691 is a notifiable instrument issued under the authority of Elissa Kelly, a delegate of the Australian Securities and Investments Commission, as per subsection 130F(5) of the Superannuation Industry (Supervision) Act 1993. This instrument applies to Andrew Orphanides, specifically disqualifying him from being an approved Self-Managed Superannuation Fund (SMSF) auditor, effective from 8 October 2025. The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the supervision and regulation of the superannuation industry in Australia. This legislation governs the conduct and transactions of approved SMSF auditors, ensuring compliance with industry standards and regulatory requirements. The Act extends across the Commonwealth of Australia, impacting all states and territories uniformly. There are no stated exclusions or exemptions within this specific instrument, and the application is direct and binding as per the legislative mandate. The authority to extend or restrict the application of this Act may be further defined through subordinate instruments, though the current notice focuses on the disqualification of the individual named.

Key Provisions

The main operative sections of the ASIC Superannuation (Notice of disqualification—Andrew Orphanides) Instrument 2025/0691I are contained within the Superannuation Industry (Supervision) Act 1993, specifically subsection 130F(2) and subsection 130F(5). Subsection 130F(2) allows the Australian Securities and Investments Commission (ASIC) to disqualify an individual from being an approved self-managed superannuation fund (SMSF) auditor. Subsection 130F(5) mandates that any such disqualification order must be made in a notifiable instrument, which is what this instrument constitutes. This notifiable instrument outlines the specifics of the disqualification order against Andrew Orphanides, an approved SMSF auditor with registration number 100197608, effective from 8 October 2025. The Act imposes several obligations and requirements on the parties involved. Firstly, it places the responsibility on ASIC, through its delegate, to ensure that the disqualification order is properly drafted and communicated. The delegate, Elissa Kelly, must follow due process and provide a clear and comprehensive notice of the disqualification to the affected individual, Andrew Orphanides. The notifiable instrument must contain specific details, including the individual’s name, registration number, and the effective date of the disqualification. Additionally, the instrument must be dated and signed by the delegate, which in this case is Elissa Kelly, dated 29 September 2025. The Superannuation Industry (Supervision) Act 1993 also outlines the consequences for breaching the provisions of the Act. Any individual who continues to act as an approved SMSF auditor despite being disqualified is subject to significant penalties. Under the Act, such actions may constitute an offence, leading to both civil and criminal consequences. The maximum penalties for breaching these provisions are not explicitly stated in the provided text but are generally severe, reflecting the critical nature of maintaining the integrity of the superannuation industry. Disregarding the disqualification order could result in substantial fines and potential imprisonment, emphasising the importance of compliance with the Act’s stipulations.