Notice of Disqualification – Daniel Sidney Ryan - 24 June 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the superannuation industry, ensuring that trustees and responsible officers of superannuation entities act with integrity and competence. This legislation addresses the problem of individuals who may not be fit and proper persons to manage superannuation funds, which can lead to mismanagement and loss of trust within the industry. The SISA was introduced by the Commonwealth Parliament with the policy objective of protecting the interests of superannuation fund members by imposing stringent requirements on trustees and responsible officers. In the case of Daniel Sidney Ryan, he has been disqualified under subsection 126A(6) of the SISA due to contraventions that led to the conclusion that he is not a fit and proper person to manage a superannuation entity. This disqualification is effective immediately and will be published as a Notifiable Instrument in the Federal Register of Legislation. Additionally, it is an offence for a disqualified person to continue acting in a supervisory role within the superannuation industry, with penalties including up to two years in jail.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to trustees, responsible officers, and other persons involved in the administration of superannuation funds in Australia. This legislation aims to ensure that these individuals and entities operate with integrity and comply with specific standards designed to protect superannuation fund members. The act operates at a national level and its provisions apply across the Commonwealth, including all states and territories in Australia. The act provides for the disqualification of individuals deemed unfit to manage superannuation entities, with the grounds for disqualification including breaches of the act and a determination that the individual is not a fit and proper person to hold their position. The act allows for the disqualification to be published as a notifiable instrument, ensuring transparency and public awareness of the disqualification of certain individuals. Additionally, the act sets out serious penalties, including potential imprisonment, for disqualified individuals who continue to act in their proscribed capacities. The application and enforcement of the act can be extended or refined through subordinate instruments, which may include regulations or other legislative measures designed to clarify or expand upon the provisions of the primary act.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this notice relate to disqualification of individuals from holding positions within superannuation entities. Specifically, subsection 126A(6) (1) and (3) of the SISA outlines the process for disqualifying a person from being a trustee or responsible officer of a superannuation entity if they are deemed not a fit and proper person, as determined by a delegate of the Commissioner of Taxation. In this case, Daniel Sidney Ryan has been disqualified under these provisions. The Act imposes several obligations and requirements on the parties it governs. Firstly, it mandates that any person who has been disqualified must not act as a trustee, investment manager, or custodian of a superannuation entity, nor can they be a responsible officer of a body corporate that holds these roles. This is critical to ensuring that only fit and proper persons manage superannuation funds, thereby protecting the interests of superannuation members. Additionally, the Act requires that any disqualification decisions be communicated to the affected party, as seen in the notice to Daniel Sidney Ryan. Furthermore, the Act stipulates that such disqualifications be published as a Notifiable Instrument in the Federal Register of Legislation to maintain transparency and accountability. Failure to comply with the disqualification provisions of the SISA can result in significant legal consequences. Section 126K of the Act specifies that it is an offence for a disqualified person who is aware of their disqualification to continue acting in the restricted roles. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the Act treats breaches of disqualification orders. Additionally, subsection 126A(5) provides that the disqualification can be revoked either by the Commissioner’s office on its own initiative or upon a written application by the disqualified person, offering a potential pathway for reinstatement under certain conditions. If an individual affected by a disqualification decision believes it to be incorrect, they have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344 of the SISA.