Notice of Disqualification – Filip Ivanovski – 11 July 2024

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the supervision of the superannuation industry in Australia, ensuring that it operates with integrity and protects the interests of superannuation fund members. The Act was introduced to address issues of mismanagement, misconduct, and non-compliance within the superannuation sector, with a particular focus on maintaining the financial stability and security of superannuation funds. The SISA is overseen by the Parliament of Australia and aims to enforce standards that safeguard the superannuation industry, ultimately protecting the retirement savings of millions of Australians. In the case of Filip Ivanovski, he has been disqualified under the Act due to his role as a responsible officer of a corporate trustee that contravened the SISA. The disqualification was issued by a delegate of the Commissioner of Taxation, and the decision can be subject to reconsideration or revocation under specific provisions of the Act.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees managing superannuation entities, ensuring adherence to industry regulations designed to protect superannuation funds. Specifically, the Act targets individuals like Filip Ivanovski who have acted as responsible officers when their corporate trustees contravene SISA provisions, thereby warranting disqualification. This disqualification prohibits the individual from serving as a trustee, investment manager, or custodian of a superannuation entity or from being associated with any such role within a body corporate. The reach of the Act is federal, applying across Australia under the jurisdiction of the Commonwealth. The disqualification mechanism extends to include publication of such decisions as Notifiable Instruments in the Federal Register of Legislation, thereby ensuring transparency and accountability. While the Act generally applies to all relevant individuals, it does not specify particular exclusions, exemptions, or thresholds beyond the general criteria of contravening the Act and the seriousness of the contraventions. The Act also allows for potential revocation of disqualification by the Commissioner, either on their own initiative or upon written application by the disqualified individual.

Key Provisions

The key provisions of the notice of disqualification issued to Filip Ivanovski under the Superannuation Industry (Supervision) Act 1993 (SISA) include the formal declaration of his disqualification as a responsible officer due to the contravention of the SISA by the corporate trustee of one or more superannuation entities. This disqualification was issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation, on the basis that the contraventions were serious enough to warrant such action (subsection 126A(2), 126A(6)). The disqualification took effect on the date of the notice, 11 July 2024. Under the SISA, Ivanovski is now subject to several obligations and requirements. Notably, as a disqualified person, he is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer of such an entity (section 126K). This restriction is designed to prevent further contraventions and ensure the integrity of the superannuation industry. The notice also stipulates that details of this disqualification will be published in the Federal Register of Legislation (subsection 126A(7)), ensuring transparency and public accountability. Failure to comply with these provisions can result in significant consequences. Specifically, section 126K of the SISA criminalises the act of a disqualified person knowingly engaging in prohibited activities. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the law views such breaches. Additionally, the notice mentions that the disqualification may be revoked either on Ivanovski's written application or by the Commissioner's initiative (subsection 126A(5)). If Ivanovski disagrees with the decision, he has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice (section 344), provided he submits a written request outlining his reasons for dissatisfaction.