NOTICE OF DISQUALIFICATION – Anthony Buterin
Superannuation Industry (Supervision) Act 1993
To:
Anthony Buterin
LUDDENHAM NSW 2745
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(1) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions and the number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 21 July 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Christiane Boissezon
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues surrounding the governance and supervision of superannuation entities in Australia, aiming to protect the interests of superannuation fund members. The Act was introduced by the Commonwealth Parliament and is overseen by the Australian Taxation Office. The policy objective of the SISA is to ensure that trustees, investment managers, and custodians of superannuation entities are fit and proper persons, thereby safeguarding the financial security of superannuation members. As per the notice provided, Anthony Buterin has been disqualified under the Act due to repeated contraventions, highlighting the stringent measures in place to enforce compliance and maintain the integrity of the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management of superannuation funds, including trustees, investment managers, and custodians. The Act extends its reach across the Commonwealth of Australia, governing the conduct and transactions of those within the superannuation industry. The Act imposes obligations and restrictions on disqualified individuals, such as Anthony Buterin, prohibiting them from acting as trustees, investment managers, or custodians of superannuation entities, with significant penalties for non-compliance. This disqualification can be revoked under certain conditions, and the individual has the right to request a reconsideration of the decision within 21 days of receiving the notice. The Act's application may be extended or specified further through subordinate instruments, allowing for detailed regulations and enforcement mechanisms.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides a framework for the regulation of superannuation entities in Australia. In the case of Anthony Buterin, subsection 126A(1) of the SISA has been invoked, which allows for the disqualification of individuals who have contravened the provisions of the Act. Specifically, subsection 126A(6) requires the Commissioner of Taxation to notify the individual of the disqualification, which is precisely what has occurred here. The disqualification takes immediate effect upon issuance of the notice.
The disqualification of Anthony Buterin from any involvement with superannuation entities stems from a determination that he has contravened the SISA on multiple occasions, warranting this punitive measure. As a result, Anthony Buterin is prohibited from acting or being involved in any capacity as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or body corporate associated with such entities. These prohibitions are explicitly stated under section 126K of the SISA, which imposes strict penalties for non-compliance.
Should Anthony Buterin, being aware of his disqualification, contravene these provisions by continuing to be, or act as, a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or body corporate, he would be committing an offence under section 126K. The potential criminal consequences for such an offence include imprisonment for up to two years, underscoring the seriousness with which the Act treats breaches of its provisions. Additionally, the disqualification can be revoked either on the initiative of the Commissioner or upon a written application by Anthony Buterin, as per subsection 126A(5) of the SISA.
In the event that Anthony Buterin disagrees with the decision to disqualify him, he has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice. This reconsideration process is outlined in section 344 of the SISA and requires a written submission detailing the grounds on which he believes the decision is flawed. This provision ensures that affected individuals have a formal avenue to challenge the decision and seek rectification if they believe it to be unjust.