NOTICE OF DISQUALIFICATION – James Douglas Robertson
Superannuation Industry (Supervision) Act 1993
To:
James Douglas Robertson
CAULFIELD SOUTH VIC 3162
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(2) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 18 January 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Antonio Macolino
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 regulate the superannuation industry in Australia, aiming to protect the interests of superannuation fund members by ensuring the proper management and administration of funds. This Act was introduced to address the need for a regulatory framework that maintains the integrity and stability of the superannuation industry. The SISA was enacted by the Australian Parliament and its policy objective is to provide oversight and governance to ensure that superannuation entities are managed responsibly and in the best interests of their members. The legislation includes provisions for the disqualification of individuals who have acted in a manner that is contrary to the law or the interests of fund members, ensuring that the superannuation system remains trustworthy and reliable for those who rely on it for their retirement.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and oversight of superannuation funds within Australia. This includes corporate trustees, investment managers, custodians, and responsible officers of these entities. The Act's jurisdiction is national, as it is a Commonwealth Act, thereby extending its reach across all states and territories in Australia. The Act provides a framework for the regulation of the superannuation industry, ensuring that trustees and responsible officers comply with certain standards and obligations to protect the interests of superannuation fund members. However, certain exclusions or exemptions may apply, and the scope of the Act can be extended or restricted through subordinate instruments. For instance, James Douglas Robertson has been disqualified under the Act due to contraventions by the corporate trustee of one or more superannuation entities, highlighting the Act's enforcement mechanisms and the serious consequences of non-compliance.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes a provision that allows for the disqualification of individuals who have acted as responsible officers of corporate trustees in contravention of the Act. Specifically, subsection 126A(2) of the SISA provides for the disqualification of a responsible officer if they were involved in the contraventions of the SISA by the corporate trustee. This disqualification is made by a delegate of the Commissioner of Taxation, as seen in the notice given to James Douglas Robertson. The notice, provided under subsection 126A(6) of the SISA, informs the individual that they have been disqualified due to the seriousness of the contraventions committed by the corporate trustee while they were a responsible officer.
The obligations imposed by the SISA on responsible officers and corporate trustees are stringent, designed to ensure the integrity and proper management of superannuation funds. Responsible officers are required to ensure compliance with the SISA, including meeting the standards of professional conduct, governance, and compliance as outlined in the Act. They must also be aware of the obligations of the corporate trustee and ensure that the trustee adheres to these obligations. The obligations extend to maintaining proper records, reporting to the regulator, and ensuring that the superannuation fund is managed in the best interests of the members.
Breaches of the SISA can result in significant consequences for the responsible officers and the corporate trustees. 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 of a body corporate that holds such roles. The maximum penalty for committing this offence is two years imprisonment. This severe penalty reflects the importance of adherence to the regulatory standards set by the SISA. Additionally, subsection 126A(7) of the SISA mandates that details of the disqualification be published in the Commonwealth Government Notices Gazette, further ensuring transparency and accountability.