Notice of Disqualification – Clarissa Romero - 19 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for regulatory oversight within Australia's superannuation industry, aiming to protect the interests of superannuation fund members. This Act empowers the Commissioner of Taxation to disqualify individuals from participating in the management of superannuation entities if they have breached the Act. The disqualification process is designed to maintain the integrity of the superannuation system by preventing individuals with a history of serious breaches from managing superannuation funds. The Act outlines the grounds for disqualification and the penalties for non-compliance, including potential imprisonment. The notice of disqualification issued to Clarissa Romero under subsection 126A(6) of the SISA reflects the Act's intent to enforce compliance with superannuation regulations. The disqualification follows a determination that Ms. Romero has contravened the Act, and the decision is subject to potential revocation or review. The notice also serves as a public record, with details to be published in the Federal Register of Legislation, underscoring the seriousness of the contraventions and the Act's commitment to transparency and accountability within the superannuation sector.

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. This act encompasses a broad range of conduct and transactions within the superannuation industry, ensuring compliance and safeguarding the interests of superannuation fund members. The act has a national jurisdictional reach, applying across Australia, and it extends its application through subordinate instruments such as regulations and guidelines to provide further clarity and detail on specific aspects of superannuation management and administration. Any person who has been disqualified under the provisions of this act, such as Clarissa Romero, is prohibited from acting in certain capacities within the superannuation industry, including as a trustee, investment manager, custodian, or responsible officer of a superannuation entity, with serious legal consequences for non-compliance. The act also allows for the disqualification to be revoked under certain conditions, providing a potential avenue for rectification and reinstatement.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) is pivotal in governing the superannuation industry in Australia. Under subsection 126A(1) of the SISA, the Act allows for the disqualification of individuals who have contravened the provisions of the Act, as evidenced by the notice of disqualification issued to Clarissa Romero on 19 January 2026. The disqualification is effective from the day the notice is issued, highlighting the swift action the authorities can take to address serious contraventions. The notice, as per subsection 126A(6), is issued by Ben Kelly, a delegate of the Commissioner of Taxation, who is satisfied that the seriousness of the contraventions warrants such a measure. The SISA imposes significant obligations on the parties it governs, particularly those involved in the management and supervision of superannuation entities. Under section 126K of the Act, it is a strict requirement that a disqualified person must not act as a trustee, investment manager, or custodian of a superannuation entity, nor serve as a responsible officer or body corporate involved in such capacities. This prohibition is designed to protect the integrity and interests of superannuation entities and their members. The notice of disqualification serves to enforce these obligations, ensuring that individuals who have been found to have contravened the Act are barred from participating in the management of superannuation funds. Failure to comply with the disqualification provisions under section 126K can lead to serious consequences. The Act stipulates that it is an offence for a disqualified person to continue to act in these capacities. The maximum penalty for committing this offence is two years imprisonment, as outlined in Note 2. This severe penalty underscores the gravity with which the Act treats breaches of its provisions, particularly those that could potentially harm superannuation members. The disqualification notice, therefore, serves not only as a deterrent but also as a legal safeguard against continued contraventions. The SISA provides avenues for those affected by disqualification to seek reconsideration of the decision. Under section 344, an individual can request the Commissioner to reconsider their disqualification within 21 days of receiving the notice. This request must be made in writing and should detail the reasons why the decision is considered incorrect. Additionally, subsection 126A(5) allows for the potential revocation of the disqualification, either on the initiative of the authorities or upon a written application from the disqualified person. This flexibility ensures that the process remains fair and allows for rectification where appropriate.