ASIC Superannuation (Notice of disqualification—Jean-Marcel Majman) Instrument 2025/124

Overview

The Superannuation Industry (Supervision) Act 1993, enacted by the Parliament of Australia, was introduced to regulate the superannuation industry and protect the interests of superannuation fund members. One of its key objectives is to ensure the competence and integrity of those involved in the supervision and auditing of self-managed superannuation funds (SMSF). The ASIC Superannuation (Notice of disqualification—Jean-Marcel Majman) Instrument 2025/124, made under the authority of the Australian Securities and Investments Commission (ASIC), serves to address specific instances where individuals fail to meet the required standards. In this case, ASIC has disqualified Jean-Marcel Majman from being an approved SMSF auditor, effective from 6 March 2025, due to breaches identified under the Act. This action underscores the commitment to maintaining high standards within the SMSF auditing profession and safeguarding the financial well-being of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the supervision and management of superannuation funds in Australia, including approved Self-Managed Superannuation Fund (SMSF) auditors. The Act's jurisdiction extends across the Commonwealth, applying to all SMSF auditors and superannuation entities operating within Australia. The legislation provides the Australian Securities and Investments Commission (ASIC) with the authority to disqualify individuals from holding the registration of an approved SMSF auditor if certain conditions are met, such as breaches of the law or misconduct. In this specific instance, ASIC has exercised its powers under the Act to disqualify Jean-Marcel Majman from being an approved SMSF auditor, effective from 6 March 2025. The Act may also extend its application through subordinate instruments, which can provide further detail or impose additional conditions and requirements relevant to the supervision and management of superannuation funds.

Key Provisions

The main operative sections of the ASIC Superannuation (Notice of disqualification—Jean-Marcel Majman) Instrument 2025/124 (sections 130F(2) and 130F(5)) provide for the disqualification of Jean-Marcel Majman from being an approved SMSF auditor. Under section 130F(2), ASIC has the authority to disqualify individuals from their role as an approved SMSF auditor if certain conditions are met, and this authority is exercised in this instance. Section 130F(5) allows the delegate of ASIC to make this decision, which has been executed by Scott Rea. The disqualification order, effective from 6 March 2025, is issued under the authority of the Superannuation Industry (Supervision) Act 1993. The Act imposes specific obligations on the parties it governs, including the requirement for approved SMSF auditors to adhere to professional standards and regulatory requirements set forth by ASIC. Approved SMSF auditors must maintain high levels of competence and integrity to ensure the proper administration and supervision of self-managed superannuation funds (SMSFs). The disqualification of Jean-Marcel Majman underscores the importance of these obligations, as any breach or failure to meet the standards can lead to serious consequences. Any breaches of the Act or its regulations by approved SMSF auditors can result in disqualification, as evidenced by the order against Jean-Marcel Majman. This order is a significant penalty for non-compliance and serves as a deterrent to others. Under the Superannuation Industry (Supervision) Act 1993, individuals found guilty of serious breaches may face penalties, including disqualification from being an approved SMSF auditor. The specific consequences in this case include a permanent disqualification from holding an approved SMSF auditor registration, which could have severe repercussions on Majman’s professional career and reputation.