Notice of Disqualification – Jae Jang - 13 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address issues and gaps within the supervision of the superannuation industry. The Act aims to ensure that the superannuation industry is managed with integrity and competence, thereby protecting the interests of superannuation fund members. This legislative framework was introduced to address concerns over the governance and compliance of superannuation entities, ensuring they adhere to the required standards and regulations. The SISA provides mechanisms for the regulation and oversight of trustees, investment managers, and custodians, and includes provisions for disqualifying individuals who are deemed unfit to hold responsible positions within these entities. The policy objective of the Act is to safeguard the financial well-being of superannuation fund members by maintaining high standards of conduct and accountability within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees within the superannuation industry, ensuring that these individuals meet certain standards of conduct to safeguard the interests of superannuation fund members. The Act extends its reach to any corporate trustee of one or more superannuation entities and any individual who, at the time of the contravention, was a responsible officer of such a trustee. The Act's jurisdiction is national, as it is a Commonwealth Act. The Act provides for disqualification of individuals who have contravened its provisions, as evidenced by the notice issued to Jae Jang. This disqualification prohibits the individual from acting or being a trustee, investment manager, or custodian of a superannuation entity, with a maximum penalty of two years imprisonment for knowingly contravening this prohibition. The Act also allows for the revocation of disqualification under certain circumstances and provides a process for reconsideration of the decision by the Commissioner.

Key Provisions

The notice provided by Ben Kelly, a delegate of the Commissioner of Taxation, informs Jae Jang that he has been disqualified under subsection 126A(2) of the Superannuation Industry (Supervision) Act 1993 (SISA). The disqualification is due to the satisfaction that the corporate trustee of one or more superannuation entities has contravened the SISA, with Jae Jang being a responsible officer at the time of these contraventions. The seriousness of these contraventions is deemed sufficient grounds for the disqualification, which takes effect on the date of the notice, July 13, 2026. The SISA imposes specific obligations and requirements on responsible officers of corporate trustees. These include adherence to the provisions of the Act, which govern the management and supervision of superannuation entities. When a responsible officer is found to have been involved in contraventions, the Act allows for disqualification to ensure the integrity of the superannuation industry. Furthermore, the Act mandates that details of the disqualification are to be published as a Notifiable Instrument in the Federal Register of Legislation, as stipulated in subsection 126A(7). Under section 126K of the SISA, it is an offence for a disqualified person who is aware of their disqualification to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that is a trustee, investment manager, or custodian. This offence carries a maximum penalty of two years imprisonment, highlighting the seriousness with which the Act treats breaches of these provisions. Additionally, the disqualification can be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person, as noted in subsection 126A(5). For those affected by the decision and dissatisfied with it, the SISA provides a mechanism for reconsideration. Under section 344, a written request for the Commissioner to reconsider the decision must be submitted within 21 days of receiving the notice of the disqualification. This request must include the reasons why the decision is believed to be incorrect, providing a formal avenue for appeal or review of the disqualification decision.