NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
JANE PASOSKI
MORTDALE NSW 2223
I, Alison Lendon, 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 made a decision to disqualify you from being, or acting as:
a trustee, investment manager or custodian of a superannuation entity
a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(3) of the SISA as I am satisfied that you have contravened the SISA on one or more occasions and the nature, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 14 September 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Lazzaroni
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days of the day on which you received notice of the decision and must also give the reasons for making the request.
Overview
The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to address the need for regulation and oversight within the superannuation industry, ensuring it operates in the best interests of its members and beneficiaries. This Act was designed to provide a robust framework to oversee the activities of trustees, investment managers, and custodians of superannuation entities, aiming to protect the superannuation savings of Australians. The policy objective behind this Act is to maintain the integrity and reliability of the superannuation industry by enforcing compliance and penalising misconduct. The disqualification notice issued to Jane Pasoskimortdale under the Act highlights its enforcement mechanisms, ensuring that individuals who contravene the provisions of the Act face appropriate consequences, thereby safeguarding the superannuation funds and maintaining public trust in the system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management of superannuation funds, including trustees, investment managers, custodians, and responsible officers of body corporates that serve in these roles. This legislation has a Commonwealth reach, governing the supervision of superannuation activities across Australia. The Act imposes a range of obligations and restrictions on those it covers, aimed at ensuring the integrity and proper management of superannuation funds. Exclusions or exemptions from the Act are narrowly defined, with specific provisions detailing who and what is subject to its requirements. The Act also allows for the extension of its application through subordinate instruments, which can provide additional rules and standards for compliance. The notice of disqualification provided to Jane Pasoski Mortdale under this Act highlights the serious consequences of contravening its provisions, which can result in the prohibition of individuals from participating in the management of superannuation entities.
Key Provisions
The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) that are relevant in this context include sections 126A(3), 126A(6), and 126A(7). Section 126A(3) provides the grounds for disqualification, which in this case pertains to the contravention of the SISA on one or more occasions. Section 126A(6) mandates that a notice must be given to the disqualified individual, which is precisely what is contained in the Notice of Disqualification. Section 126A(7) requires the publication of particulars of the disqualification in the Gazette, as noted in Note 1 of the notice.
The obligations and requirements imposed by the SISA on the parties it governs are multi-faceted. Trustees, investment managers, and custodians of superannuation entities, as well as responsible officers of body corporates that fulfil these roles, must adhere to the provisions of the Act to avoid disqualification. The Act requires these entities and individuals to maintain high standards of conduct and compliance, ensuring that the interests of superannuation fund members are protected. Failure to comply with these requirements can result in disqualification from performing these roles.
The notice provided to Jane Pasoskimortdale specifies that she has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that undertakes these roles. The disqualification is effective from the date of the notice, 14 September 2015, as stated in the document.
In terms of offences, penalties, or civil/criminal consequences for breach, the SISA imposes significant repercussions for those found to have contravened its provisions. The disqualification itself is a severe penalty, barring the individual from participating in the superannuation industry in the specified capacities. Additionally, as noted in the notice, the particulars of the disqualification are published in the Gazette, which can have lasting professional implications for the disqualified individual. Furthermore, the notice indicates that the disqualification order can be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person, but it does not specify any maximum penalties for the contraventions themselves, which would be determined by other provisions of the Act.