Notice of Confirmation of Disqualification – David Markus – 12 August 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues within the superannuation industry by establishing a robust regulatory framework aimed at ensuring the proper management and oversight of superannuation entities. The Act was introduced to fill the gap in comprehensive regulation for the industry, which was critical to protect the interests of superannuation fund members. Enacted by the Commonwealth Parliament, the SISA provides a policy objective to safeguard the financial interests of superannuation fund members by regulating the conduct of trustees, investment managers, and custodians, among others, and ensuring the integrity and efficiency of the superannuation system. This legislation includes provisions for the disqualification of individuals deemed unfit to manage superannuation entities, as evidenced in the notice of confirmation of disqualification for David Markus, a resident of Alexandria, NSW. The disqualification serves as a deterrent to those who might otherwise abuse their positions within the superannuation industry, with severe penalties, including up to two years in jail, underscoring the seriousness of the offence under section 126K of the SISA.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration, management, and oversight of superannuation funds in Australia. This includes trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a national jurisdictional reach, applying across the Commonwealth of Australia, and its provisions govern the conduct and transactions of those involved in the superannuation industry. The Act includes provisions for disqualifying individuals who are deemed unfit to manage superannuation funds, with the penalties for non-compliance being significant, including up to two years imprisonment for knowingly acting in a prohibited capacity. The application of the Act is further extended and clarified through subordinate instruments, which provide additional details and guidelines for enforcement. Notably, once a disqualification is confirmed, details are published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and accountability within the industry.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions that address the disqualification of individuals from certain roles within the superannuation industry. Under subsection 344(6) of the SISA, a delegate of the Commissioner of Taxation is authorised to confirm a disqualification notice, ensuring that the decision to disqualify an individual from managing or being involved with superannuation entities is validated and effective. This process is highlighted in the notice issued to David Markus, where it is confirmed that he is disqualified from acting as a trustee, investment manager or custodian of a superannuation entity, or being a responsible officer of a body corporate that holds such roles. The Act imposes specific obligations on disqualified individuals, such as David Markus, prohibiting them from engaging in activities that involve the management or oversight of superannuation entities. This is detailed under subsection 126A(7), which mandates the publication of the disqualification notice as a Notifiable Instrument in the Federal Register of Legislation. This ensures transparency and informs the public and relevant stakeholders of the disqualification, thereby maintaining the integrity and compliance of the superannuation industry. Under section 126K of the SISA, the Act sets out the consequences for breaching the disqualification order. It is an offence for a disqualified person, aware of their disqualification status, to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. The penalties for committing such an offence are severe, with a maximum penalty of two years in jail. This stringent penalty underscores the seriousness of the offence and the importance of adhering to the disqualification provisions to uphold the standards and governance of the superannuation industry.