ASIC Superannuation (Notice of disqualification—Kylie Ai Wui Wee) Instrument 2024/470

Overview

The ASIC Superannuation (Notice of disqualification—Kylie Ai Wui Wee) Instrument 2024/470I was enacted to provide a formal notice regarding the disqualification of an individual from being an approved SMSF auditor. Enacted by Elissa Kelly, a delegate of the Australian Securities and Investments Commission (ASIC), this notifiable instrument was created to address the need for clear and public notification of such disqualifications under the Superannuation Industry (Supervision) Act 1993. The policy objective behind this legislative measure is to maintain the integrity of the superannuation industry by ensuring that only qualified and compliant individuals are permitted to audit self-managed superannuation funds (SMSFs). By issuing this notice, ASIC aims to uphold the standards required for auditors within the superannuation sector, protecting the interests of fund members and the broader financial system.

Scope and Application

The ASIC Superannuation (Notice of disqualification—Kylie Ai Wui Wee) Instrument 2024/470I applies specifically to Kylie Ai Wui Wee, an approved Self-Managed Superannuation Fund (SMSF) auditor whose registration number is 100093070. This instrument is made under the authority of the Australian Securities and Investments Commission (ASIC) pursuant to the Superannuation Industry (Supervision) Act 1993. The instrument operates within the Commonwealth jurisdiction and applies to the conduct and transactions of Kylie Ai Wui Wee in her capacity as an SMSF auditor. The disqualification order, which is effective from 14 June 2024, restricts Kylie Ai Wui Wee from acting as an approved SMSF auditor, thereby impacting her professional capacity and any related industry activities. This instrument does not exclude any specific conduct or transactions but rather broadly affects her eligibility and authorisation within the superannuation industry.

Key Provisions

The ASIC Superannuation (Notice of disqualification—Kylie Ai Wui Wee) Instrument 2024/470I, specifically section 1, establishes the authority under which the document is issued. Section 2 provides the context for the disqualification order, stating that it is made under subsection 130F(2) of the Superannuation Industry (Supervision) Act 1993. This section confirms that the Australian Securities and Investments Commission (ASIC) has the power to disqualify an individual from being an approved Self-Managed Superannuation Fund (SMSF) auditor. Section 3 of the instrument includes the details of the disqualification order, specifying the name of the individual, Kylie Ai Wui Wee, and her approved SMSF auditor registration number, 100093070. The obligations and requirements imposed by the Act under section 130F(2) on parties such as Kylie Ai Wui Wee, who is the subject of this disqualification order, include compliance with all relevant legislative and regulatory requirements concerning the auditing of SMSFs. This includes adhering to professional standards and ensuring that any audits conducted meet the necessary standards of accuracy, thoroughness, and integrity. Furthermore, the Act requires that approved SMSF auditors maintain proper records and documentation of their auditing activities and be available for inspection by ASIC or other regulatory bodies as needed. In terms of consequences for breach, the Act provides for both civil and criminal penalties. Under section 911A of the Superannuation Industry (Supervision) Act 1993, individuals found in breach of the disqualification order may face civil penalties. The maximum penalty for individuals can be up to $132,000, or in the case of a body corporate, up to $660,000. Additionally, the Act allows for criminal proceedings to be initiated against those who wilfully breach the disqualification order. The maximum penalty for such criminal offences can be up to 5 years imprisonment, reflecting the seriousness with which the Act treats non-compliance with disqualification orders. These provisions serve to ensure that the disqualification order is respected and that individuals who are disqualified from being approved SMSF auditors do not continue to perform auditing activities.