Notice of Disqualification - Angela Moana Cooper

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address the need for supervision and regulation of the superannuation industry to protect the interests of superannuation fund members. The legislation aims to ensure that trustees, investment managers, and custodians of superannuation entities act in the best interests of the members, and to maintain the integrity and stability of the superannuation system. This Act provides mechanisms for the disqualification of individuals who are deemed unfit to manage superannuation funds due to serious contraventions of the Act. The notice of disqualification to Angela Moana Cooper, as outlined in the document, exemplifies the enforcement of these provisions to uphold the standards and integrity required within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) is a Commonwealth Act that applies to individuals and entities involved in the supervision and regulation of the superannuation industry in Australia. Specifically, the Act applies to trustees, investment managers, custodians, and responsible officers of superannuation entities. The geographic reach of the Act extends across the Commonwealth of Australia, impacting superannuation entities and related personnel nationwide. The Act also imposes penalties for contraventions, including potential disqualification of individuals from acting in specified roles within the superannuation sector. Exclusions or exemptions are not explicitly detailed in the provided text, but the Act does provide avenues for revocation of disqualification and reconsideration of decisions by the Commissioner. The application of the Act can be extended or restricted through subordinate instruments, as noted by the potential for revocation and reconsideration processes.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals who contravene the Act's provisions in a manner that warrants such a penalty. Under section 126A(1) and (6), a person can be disqualified if they have contravened the Act on one or more occasions and the seriousness of the contraventions provides grounds for disqualification. This notice, issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation, informs Angela Moana Cooper that she has been disqualified under these provisions. Section 126K of the SISA sets out the specific obligations that a disqualified person must adhere to, which includes refraining from acting as a trustee, investment manager or custodian of a superannuation entity, or being a responsible officer or body corporate that is a trustee, investment manager or custodian of a superannuation entity. Failure to comply with these obligations can lead to criminal consequences, with a maximum penalty of two years imprisonment. The SISA imposes several obligations on disqualified persons to ensure that they do not engage in activities that could potentially harm the superannuation industry. Specifically, section 126K of the Act prohibits a disqualified person from being, or acting as, a trustee, investment manager or custodian of a superannuation entity, or being a responsible officer or body corporate that is a trustee, investment manager or custodian of a superannuation entity. This means that disqualified persons are not allowed to be involved in any capacity in the management or administration of superannuation entities. The Act seeks to protect the interests of superannuation fund members by ensuring that only fit and proper persons are entrusted with managing their superannuation funds. Breach of the obligations set out in the SISA can have serious consequences, including criminal penalties. Section 126K of the Act makes it an offence for a disqualified person to be, or act as, a trustee, investment manager or custodian of a superannuation entity, or being a responsible officer or body corporate that is a trustee, investment manager or custodian of a superannuation entity. The maximum penalty for committing this offence is two years imprisonment. This penalty serves as a deterrent against non-compliance and underscores the seriousness of the obligations imposed on disqualified persons. In addition to criminal penalties, disqualified persons may also face other civil or criminal consequences depending on the nature and extent of their contraventions. For example, they may be subject to fines or other administrative penalties, or they may be required to compensate affected parties for any losses or damages caused by their actions.