ASIC Superannuation (Notice of disqualification—Derek Grima) Instrument 2026/332

Overview

The ASIC Superannuation (Notice of disqualification—Derek Grima) Instrument 2026/332 was enacted on 27 April 2026 by Scott Rea, a delegate of the Australian Securities and Investments Commission (ASIC), under subsection 130F(5) of the Superannuation Industry (Supervision) Act 1993. This notifiable instrument was introduced to address the need for ASIC to disqualify individuals who do not meet the necessary standards to be an approved self-managed superannuation fund (SMSF) auditor. The Superannuation Industry (Supervision) Act 1993, enacted by the Commonwealth Parliament, aims to ensure the proper administration and supervision of the superannuation industry, including the regulation of SMSF auditors. The policy objective of this particular instrument is to protect the interests of superannuation fund members by disqualifying individuals found to be unfit for the role of an approved SMSF auditor.

Scope and Application

The ASIC Superannuation (Notice of disqualification—Derek Grima) Instrument 2026/332, made under the authority of the Superannuation Industry (Supervision) Act 1993, serves to disqualify Derek Grima, identified by his approved SMSF auditor registration number 100103740, from performing the role of an approved SMSF auditor, effective from 4 May 2026. This legislative instrument applies specifically to Derek Grima and his role as an approved SMSF auditor, impacting his professional capacity within the superannuation industry. The jurisdiction of this Act extends across the Commonwealth of Australia, thereby affecting the national standards and regulations for the superannuation industry. This notifiable instrument does not specify any exclusions, exemptions, or thresholds beyond the named individual, Derek Grima, and his specific disqualification. The Act's applicability is direct and limited to the stated individual without broader implications for other entities or industries, unless further specified in subordinate instruments that might extend or restrict the application of this disqualification.

Key Provisions

The main operative section of the ASIC Superannuation (Notice of disqualification—Derek Grima) Instrument 2026/332 is the Disqualification Order under subsection 130F(2) of the Superannuation Industry (Supervision) Act 1993 (section 130F(2)). This section empowers the Australian Securities and Investments Commission (ASIC) to disqualify Derek Grima from being an approved Self-Managed Superannuation Fund (SMSF) auditor, effective from 4 May 2026. The instrument, dated 27 April 2026, is signed by Scott Rea, who is a delegate of ASIC, and it includes an attachment detailing the order made under this provision. The Act imposes several obligations on parties governed by it, particularly in relation to SMSF auditors. These obligations include maintaining the highest standards of professional conduct, adhering to the rules and regulations set forth by ASIC, and ensuring compliance with the Superannuation Industry (Supervision) Act 1993. For Derek Grima, the disqualification order signifies a breach of these obligations, leading to his ineligibility to perform the duties of an approved SMSF auditor. The order serves as a formal notification and imposes immediate consequences upon its issuance. Breaching the terms of the disqualification order can lead to both civil and criminal consequences. Civil penalties may include fines, which can be significant, depending on the severity of the breach. Under the Superannuation Industry (Supervision) Act 1993, the maximum penalty for contravening a disqualification order can be substantial, reflecting the seriousness of the misconduct that led to the disqualification. Additionally, there may be criminal penalties applicable for more severe breaches, which could result in imprisonment. The exact penalties are not specified in this instrument but are detailed in the Act itself. The enforcement of these penalties ensures that the integrity and stability of the superannuation industry are maintained.