NOTICE OF DISQUALIFICATION – Glenn Buttie
Superannuation Industry (Supervision) Act 1993
To:
Glenn Buttie
BEACONSFIELD VIC 3807
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(1) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 1 November 2022
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jaqueline McDougall
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues within the Australian superannuation industry, aiming to protect the interests of superannuation fund members by regulating the operations and management of superannuation entities. The Act provides a framework for the oversight and supervision of trustees, investment managers, and custodians of superannuation funds, ensuring they adhere to standards that safeguard members' retirement savings. The SISA is overseen by the Australian Parliament, and one of its key policy objectives is to maintain the integrity and reliability of the superannuation system by disqualifying individuals who do not meet the required standards. This includes the power to disqualify persons who have contravened the Act, ensuring that those who are unfit to manage superannuation funds are prevented from doing so.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation entities, ensuring that these entities comply with the statutory requirements designed to protect the interests of superannuation fund members. The Act encompasses trustees, investment managers, and custodians of superannuation entities, imposing strict obligations on them to adhere to the provisions of the SISA. This legislation has a national reach, extending its authority across the Commonwealth of Australia, including all states and territories. The Act may disqualify individuals who contravene its provisions, as demonstrated in the notice issued to Glenn Buttie, thereby barring them from acting in designated capacities within superannuation entities. Additionally, the Act includes provisions for the revocation of disqualification and avenues for reconsideration of decisions, providing a framework for addressing grievances and ensuring procedural fairness. Notably, the Act does not specify exclusions or exemptions but rather sets out clear thresholds and consequences for non-compliance, with penalties including significant jail time for continued involvement in disqualified capacities.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes several key provisions regarding the disqualification of individuals who are found to have contravened its terms. Under subsection 126A(6) of the SISA, the Commissioner of Taxation can issue a notice of disqualification to an individual, such as Glenn Buttie, if they have contravened the Act and the seriousness of the contraventions justifies such action. This notice, provided by Emma Rosenzweig, a delegate of the Commissioner, informs Glenn Buttie that he has been disqualified from certain roles within superannuation entities. The disqualification takes immediate effect upon the issuance of the notice.
The SISA imposes specific obligations on the disqualified individual and other parties involved. For example, section 126K of the Act prohibits a disqualified person from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer or a body corporate that undertakes these roles. This prohibition is designed to ensure that individuals who have previously contravened the Act do not continue to have roles that could potentially lead to further misconduct.
Failure to comply with these obligations can result in serious consequences. Under section 126K of the SISA, it is an offence for a disqualified person to act in any of the prohibited roles. The maximum penalty for committing this offence is two years imprisonment. Additionally, subsection 126A(5) of the SISA allows for the revocation of a disqualification, either on the initiative of the Commissioner or upon a written application by the disqualified individual. Section 344 of the SISA also provides a recourse for Glenn Buttie to request the Commissioner to reconsider the disqualification decision if he believes it to be unjust, provided this request is made in writing within 21 days of receiving the notice.