Notice of Disqualification – Jamyang Dolma – 3 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for regulation and oversight within Australia's superannuation industry to ensure the protection of superannuation funds and the financial well-being of superannuation account holders. This Act was introduced by the Commonwealth Parliament with a clear policy objective of enhancing the accountability and integrity of the superannuation industry by establishing a framework for the supervision of superannuation entities and their officers. The Act aims to prevent misconduct and mismanagement within superannuation entities, ensuring that trustees and responsible officers act in the best interests of superannuation account holders. The 1993 Act provides mechanisms for the disqualification of individuals who are deemed unfit to manage superannuation funds, thereby safeguarding the interests of the account holders and maintaining public confidence in the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to trustees, responsible officers, and other persons involved in the management and administration of superannuation entities, which include superannuation funds and retirement savings accounts. This Act operates at a Commonwealth level, regulating the conduct and transactions of entities and individuals within the superannuation industry across Australia. The Act includes provisions for disqualifying individuals who are deemed unfit to manage superannuation entities, particularly if they have contravened the provisions of the Act. Geographic jurisdiction for this Act extends nationally, impacting all states and territories within Australia. The Act does not specify exclusions or exemptions, but it does provide mechanisms for revocation of disqualification and avenues for appeal. The scope of the Act can be further defined or extended through subordinate instruments, which may include regulations or guidelines issued by the Commissioner of Taxation. Such instruments help in refining the application of the Act and addressing specific issues or circumstances not fully covered in the principal Act.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) referenced in the notice include subsections 126A(2), 126A(3), and 126A(6). These provisions empower a delegate of the Commissioner of Taxation to disqualify a responsible officer from being a trustee or a responsible officer of a superannuation entity if they believe the individual is not a fit and proper person to hold such a position, particularly in light of serious contraventions of the SISA by the corporate trustee. The notice specifies that Jamyang Dolma has been disqualified under these subsections due to the seriousness of the contraventions and the individual's role at the time. The Act imposes several obligations and requirements on Jamyang Dolma and other responsible officers. Primarily, they must adhere to the standards of conduct and compliance with the SISA, ensuring the proper management and supervision of superannuation entities. The notice indicates that Jamyang Dolma's actions or inactions led to the contraventions that resulted in their disqualification, thereby failing to meet the expected standards of a responsible officer. Additionally, the Act requires that any disqualified person must not act as a trustee, investment manager, or custodian of a superannuation entity, or be a responsible officer of such entities. Any breach of the Act's provisions can lead to serious consequences. According to 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 such entities, knowing that they are disqualified. The maximum penalty for committing this offence is two years imprisonment, underscoring the seriousness of the contraventions and the importance of compliance with the Act. Moreover, subsection 126A(5) of the SISA allows for the revocation of the disqualification either on the initiative of the Commissioner or upon written application by the disqualified person. Should Jamyang Dolma be dissatisfied with the decision, section 344 of the SISA provides a recourse. The Commissioner must be requested to reconsider the decision in writing within 21 days of receiving notice of the disqualification. This request must detail the reasons why the decision is believed to be incorrect, allowing for a formal review process.