Notice of Disqualification – Adrian Damiano - 16 July 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues within Australia's superannuation industry, ensuring that trustees, investment managers, and custodians act in the best interests of superannuation fund members. The legislation provides a framework for the regulation and supervision of the superannuation industry, with a focus on protecting the rights and interests of members. The SISA was introduced by the Australian Parliament to fill a significant gap in the regulation of the superannuation industry, aiming to maintain trust and confidence in the system. One of the key policy objectives of the Act is to prevent and address misconduct by individuals and entities involved in the management of superannuation funds, ensuring that they adhere to the highest standards of conduct and integrity. This legislative instrument, specifically the notice of disqualification issued to Adrian Damiano under subsection 126A(6) of the SISA, serves as an enforcement mechanism to uphold the integrity of the superannuation industry. The notice, issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation, informs Adrian Damiano of his disqualification from acting in certain roles within the superannuation sector due to multiple contraventions of the SISA. The disqualification is effective immediately upon issuance, and failure to comply with the disqualification can result in serious legal consequences, including imprisonment. The notice also highlights the process for potential revocation of the disqualification and the option for reconsideration of the decision by the Commissioner. This action underscores the commitment of the Australian government to safeguard the superannuation industry and protect the interests of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act operates at the Commonwealth level, regulating conduct and transactions related to superannuation funds across Australia. The Act's provisions include provisions for disqualifying individuals who contravene its requirements, with such disqualifications being published as Notifiable Instruments in the Federal Register of Legislation. Notably, a disqualified person is prohibited from acting in any capacity as a trustee, investment manager, custodian, or responsible officer of a superannuation entity, with breaches of this prohibition being subject to criminal penalties, including up to two years imprisonment. The Act also allows for the revocation of disqualifications and provides a mechanism for affected parties to seek reconsideration of the decision within 21 days of receiving notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for disqualifying individuals from certain roles within the superannuation industry. Specifically, under subsection 126A(2) of the SISA, a person can be disqualified if they are found to have contravened the Act on multiple occasions. Section 126A(6) mandates that a delegate of the Commissioner of Taxation must notify the disqualified person in writing, as illustrated in the notice to Adrian Damiano, dated 16 July 2025. This notice informs Adrian that he has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or body corporate in such a role. The SISA imposes several obligations on the disqualified person. Firstly, under section 126K, it is an offence for a disqualified person who is aware of their disqualification status to engage in any capacity as a trustee, investment manager, or custodian of a superannuation entity. Additionally, the Act requires that the details of the disqualification be published as a Notifiable Instrument in the Federal Register of Legislation, as per subsection 126A(7). This public notice ensures transparency and informs relevant parties of the disqualification. In terms of consequences, breaching the provisions by acting in the prohibited roles after being disqualified can lead to criminal charges. Under section 126K, the offence carries a maximum penalty of two years imprisonment. This stringent penalty underscores the seriousness of the contravention and the need to comply with the Act’s stipulations. Moreover, the disqualified individual has the right to request a reconsideration of the decision within 21 days of receiving the notice, as outlined in section 344 of the SISA. This reconsideration process provides an opportunity to challenge the decision on the grounds that it is perceived to be incorrect.