NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Fabio Piantino
FAIRFIELD WEST NSW 2165
I, Ivan Parrett, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 3 June 2013
Ivan Parrett
Assistant Commissioner of Taxation
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days of the day on which you received notice of the decision and must also give the reasons for making the request.
Overview
The Superannuation Industry (Supervision) Act 1993 (SIS Act) was enacted by the Australian Parliament to regulate the superannuation industry, ensuring its integrity and the protection of superannuation funds. The Act aims to maintain public confidence in the superannuation system by overseeing trustees, investment managers, and custodians of superannuation entities. This legislation was introduced to address the need for a robust regulatory framework that would prevent misconduct and ensure that superannuation funds are managed responsibly and in the best interests of members. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from holding certain positions within superannuation entities if they have contravened the provisions of the Act, as demonstrated in the disqualification notice issued to Fabio Piantino under subsection 126A(6) of the SIS Act. This notice, dated 3 June 2013, was issued by Ivan Parrett, a delegate of the Commissioner, based on a determination that Piantino's contraventions warranted such action. The policy objective behind the disqualification is to deter misconduct and maintain the integrity of the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management of superannuation entities, including trustees, investment managers, and custodians. The Act's provisions are designed to protect the interests of superannuation fund members by ensuring the proper management and administration of these funds. The Act applies across the Commonwealth of Australia, thereby encompassing all states and territories. The disqualification provisions, such as the one served to Fabio Piantino, apply to any person found to have contravened the Act, with the nature and seriousness of the contraventions being the determining factors for such disqualification. The Act also allows for the extension or restriction of its application through subordinate instruments, facilitating its adaptability to changing circumstances in the superannuation industry. Exclusions or exemptions from the Act's purview are not detailed in the provided text, but the Act's broad application suggests that they are narrowly defined and specific to particular cases or circumstances.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) provides the framework for regulating superannuation entities in Australia. Specifically, under section 126A(6), a delegate of the Commissioner of Taxation has the authority to disqualify an individual from serving as a trustee or responsible officer of certain bodies related to superannuation entities, such as trustees, investment managers, or custodians. This authority is exercised when there is evidence of repeated or serious breaches of the SIS Act. Section 126A(1) outlines the grounds for such disqualification, which typically involve contraventions that warrant the removal of the individual from their role to protect the interests of superannuation fund members.
The Act imposes a range of obligations on the parties it governs. Trustees and responsible officers must adhere to strict compliance requirements, ensuring that their actions and decisions are in the best interest of the superannuation fund members. This includes acting with utmost good faith, maintaining appropriate governance and record-keeping standards, and complying with all statutory obligations. Failure to meet these standards can lead to disqualification under section 126A, which is a significant deterrent designed to maintain the integrity of the superannuation system.
In the event of a breach of the SIS Act, the Act provides for both civil and criminal consequences. Under section 126A, the delegate of the Commissioner of Taxation can disqualify an individual from performing certain roles within superannuation entities. Such disqualifications are enforced to protect the interests of fund members and to maintain the financial integrity of the superannuation system. Additionally, individuals found in breach of the Act may face further legal repercussions, including fines and imprisonment, as stipulated in other relevant sections of the SIS Act. The penalties can be severe, reflecting the importance of compliance within the superannuation sector.