Notice of Disqualification – Dimitri Matveev - 4 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to regulate the superannuation industry, ensuring the protection of superannuation funds and the interests of superannuation fund members. This Act was introduced to address issues such as mismanagement, fraud, and other misconduct within the superannuation industry, thereby safeguarding the retirement savings of Australians. The policy objective of the SISA is to promote the efficient, honest, and economical administration of superannuation funds and to protect superannuation fund members by regulating the conduct of trustees, investment managers, and other responsible officers. In cases where there are serious contraventions of the SISA, the Act provides for the disqualification of individuals from performing certain roles within the superannuation industry, as exemplified in the notice of disqualification issued to Dimitri Matveev. Under the SISA, individuals who are found to have contravened the Act may be disqualified from acting as trustees, investment managers, custodians, or responsible officers of superannuation entities. The notice of disqualification serves as formal notification to the affected individual of their disqualification, with details subsequently published in the Federal Register of Legislation. The disqualification aims to prevent further misconduct and protect the interests of superannuation fund members. Additionally, the Act imposes significant penalties, including potential imprisonment, for disqualified individuals who continue to act in prohibited roles. Furthermore, the SISA provides avenues for reconsideration of disqualification decisions and potential revocation of the disqualification under certain conditions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds in Australia. Specifically, it targets trustees, investment managers, custodians, and responsible officers of superannuation entities, as well as body corporates that assume such roles. The Act's jurisdiction extends across the Commonwealth, ensuring a uniform approach to the regulation of superannuation funds regardless of state or territory boundaries. There are no explicit exclusions or thresholds mentioned in the notice; however, the Act may provide for exclusions or exemptions through subordinate instruments. In this instance, the notice of disqualification concerning Dimitri Matveev is issued under the authority of a delegate of the Commissioner of Taxation and will be published as a Notifiable Instrument in the Federal Register of Legislation. A disqualified person, aware of their disqualification, is prohibited from acting in the specified roles, with a potential penalty of up to two years in jail for non-compliance. Additionally, the disqualification may be subject to revocation either on the initiative of the Commissioner or upon written application by the disqualified individual.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) sets out various provisions for the regulation and supervision of the superannuation industry in Australia. Section 126A(1) allows for the disqualification of individuals from being involved in superannuation entities if certain conditions are met. Specifically, the delegate of the Commissioner of Taxation can disqualify an individual if they are satisfied that the individual has contravened the SISA and the seriousness of the contraventions justifies the disqualification. This disqualification takes immediate effect as per section 126A(6). For instance, in the notice to Dimitri Matveev, he has been disqualified under these provisions. The Act imposes several obligations on the disqualified individual, such as the requirement not to act as a trustee, investment manager, or custodian of a superannuation entity, nor to be a responsible officer or part of a body corporate that fulfils these roles. These obligations are outlined in section 126K. Non-compliance with these obligations can lead to severe legal consequences. For example, a disqualified person who knowingly continues to act in these capacities commits an offence under the Act, with the potential penalty being up to two years imprisonment. Additionally, the Act provides for the revocation of a disqualification order. Under subsection 126A(5), the disqualification can be revoked either on the initiative of the Commissioner or upon the written application of the disqualified person. This provides a mechanism for the individual to seek relief if they believe the disqualification was unjust or if circumstances have changed. In the event that an individual is dissatisfied with the decision to disqualify them, the Act offers a review process. Section 344 allows the affected individual to request the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving the notice of disqualification and must detail the reasons why the decision is considered incorrect. This provision ensures that individuals have an opportunity to challenge the decision and seek a remedy if they believe it is unjust. Finally, under subsection 126A(7), the details of any disqualification notice are published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and accountability in the disqualification process.