Notice of Disqualification – Inna Matveev - 4 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for stringent regulation and oversight within the superannuation industry to protect the interests of superannuation fund members and beneficiaries. The Act, enacted by the Commonwealth Parliament, aims to ensure that the superannuation industry operates in a manner that maintains the integrity and financial soundness of superannuation funds. One of the key policy objectives of the Act is to provide a framework for the supervision and regulation of trustees, investment managers, and custodians of superannuation entities to prevent misconduct and financial mismanagement. The Act empowers the Commissioner of Taxation to disqualify individuals from acting in certain capacities within the superannuation industry if they have contravened the provisions of the Act and the seriousness of the contravention warrants such action. This ensures that those who have demonstrated a lack of suitability or have engaged in activities that undermine the trust and security of superannuation funds are effectively barred from participating in the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds within Australia, ensuring the integrity and proper functioning of the superannuation system. Specifically, the Act targets trustees, investment managers, custodians, responsible officers, and body corporates that act in these capacities for superannuation entities. The jurisdictional reach of the Act is national, applying across the Commonwealth of Australia and impacting all states and territories. The Act's provisions include disqualifying individuals from performing certain roles within the superannuation industry if they have contravened the Act, with the disqualification being communicated through a Notifiable Instrument published in the Federal Register of Legislation. The Act also outlines criminal penalties for disqualified persons who continue to act in prohibited capacities, with the potential for a maximum penalty of two years imprisonment. Additionally, the Act allows for the revocation of disqualifications under certain conditions and provides a mechanism for appealing decisions through the Commissioner.

Key Provisions

The notice provided to Inna Matveev by Ben Kelly, a delegate of the Commissioner of Taxation, indicates that she has been disqualified under subsection 126A(1) of the Superannuation Industry (Supervision) Act 1993 (SISA) (paragraph 1). This disqualification is based on a determination that Inna has contravened the SISA on one or more occasions, with the seriousness of the contraventions justifying such a measure. The disqualification takes effect immediately on the day the notice is issued (paragraph 2). This means that from that moment, Inna is barred from engaging in specific activities related to superannuation entities. The notice also includes a reminder that the details of this disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA (Note 1). The SISA imposes certain obligations on Inna and other disqualified persons. 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 a body corporate that fulfils such roles (Note 2). The seriousness of this obligation cannot be overstated, as it directly impacts the governance and management of superannuation funds. Failure to adhere to these obligations can lead to severe consequences, including potential criminal penalties. Failure to comply with the SISA, especially by continuing to act in the specified roles despite being disqualified, can result in criminal consequences. Section 126K of the SISA outlines that such an offence carries a maximum penalty of two years in jail (Note 2). This highlights the significant weight of the legislation in maintaining the integrity and proper functioning of the superannuation industry. Additionally, subsection 126A(5) of the SISA provides that the disqualification may be revoked either by the authorities on their own initiative or upon Inna's written application (Note 3). For those affected by such a decision, the SISA also offers a mechanism for reconsideration. Under section 344 of the SISA, if Inna is dissatisfied with the disqualification decision, she can request the Commissioner to reconsider it (Note 4). This request must be made in writing within 21 days of receiving the notice of the decision and must detail the reasons why she believes the decision is incorrect. This provision ensures that there is a formal avenue for appeal and correction if Inna believes the disqualification was unjust or based on erroneous grounds.