Notice of disqualification – Eduard Sergeev - 11 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for effective regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members by ensuring the responsible management and administration of superannuation funds. The Act was introduced by the Australian Parliament and its policy objective is to maintain the integrity, efficiency, and effectiveness of the superannuation system, thereby fostering confidence in the system among participants. One of the critical mechanisms within the Act is the power to disqualify individuals from acting as responsible officers if they have been associated with entities that have breached the Act's provisions. This legislative measure is intended to deter misconduct and maintain high standards of governance within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and corporate trustees involved in the management of superannuation funds within Australia. The Act imposes obligations on trustees, investment managers, and custodians of superannuation entities to ensure compliance with the regulatory framework designed to protect superannuation funds and beneficiaries. The legislation applies to all entities and persons involved in the superannuation industry across the Commonwealth of Australia. It sets out a comprehensive regulatory regime for the oversight and management of superannuation funds, with particular emphasis on the conduct of responsible officers and trustees. Exclusions and exemptions within the Act are limited, and its provisions are enforced through both the Commonwealth and state jurisdictions where relevant. The Act can extend its application through subordinate instruments, which may include regulations or guidelines issued by the Commissioner of Taxation to provide further detail on specific provisions or to address emerging issues in the superannuation industry.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice of disqualification are subsection 126A(6) and subsection 126A(2). Subsection 126A(6) mandates that the delegate of the Commissioner of Taxation must provide a written notice to the disqualified person, detailing the reasons for their disqualification and the effective date of the disqualification. In this case, Eduard Sergeev has been disqualified due to the contraventions of the SISA by the corporate trustee of one or more superannuation entities, with Sergeev being a responsible officer during the contraventions. Subsection 126A(2) outlines the criteria under which a person may be disqualified, including the number of contraventions that provides grounds for such action. The SISA imposes several obligations and requirements on the parties it governs. Trustees, investment managers, custodians, and responsible officers of superannuation entities must comply with all provisions of the SISA to avoid any potential disqualification. This includes adhering to the legislative requirements set forth to ensure the proper management and supervision of superannuation funds. The Act also mandates that any contraventions must be reported to the relevant authorities. Furthermore, responsible officers must ensure that the corporate trustees of superannuation entities they are associated with comply with the SISA to prevent disqualification. Breach of the provisions outlined in the SISA can lead to serious consequences. Under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or part of a body corporate that holds such roles. The maximum penalty for this offence is two years imprisonment. Additionally, the details of the disqualification notice are to be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public accountability. Eduard Sergeev, having received this notice, is now disqualified from acting in these capacities. Should Eduard Sergeev wish to contest the decision, he has the right to request a reconsideration of the decision by the Commissioner under section 344 of the SISA. This request must be made in writing within 21 days of receiving notice of the decision and should outline the reasons why the decision is deemed incorrect. Furthermore, under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the delegate or upon a written application by the disqualified person. This provides an avenue for potential reinstatement, contingent upon meeting the specified criteria.