Notice of Disqualification - Janeen Rosemary Norris

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues and gaps in the supervision and regulation of the superannuation industry in Australia. This Act aims to ensure that the administration and management of superannuation funds are conducted with integrity and in the best interests of members. The SISA provides the framework for the establishment of the Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO) to oversee and regulate the industry. The policy objective of the Act is to protect the interests of superannuation fund members by ensuring the responsible management and operation of superannuation entities. The Act allows for the disqualification of individuals from acting in certain capacities within the industry if they are found to have contravened the provisions of the Act. In the case of the notice of disqualification issued under the SISA, the individual, Janeen Rosemary Norris, 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 is a trustee, investment manager, or custodian. The disqualification was made by a delegate of the Commissioner of Taxation, James O'Halloran, who was satisfied that the corporate trustee of one or more superannuation entities had contravened the SISA, and that the seriousness of the contraventions provided grounds for disqualifying the individual. The disqualification is effective from the date of the notice, and details of the disqualification will be published in the Commonwealth Government Notices Gazette. The individual has the right to request the Commissioner to reconsider the decision within 21 days of receiving notice of the decision.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees who are responsible for the administration of superannuation entities. This Act operates on a Commonwealth level and is designed to ensure the proper management and supervision of superannuation funds to protect the interests of superannuation fund members. The Act applies to any person or entity that acts as a trustee, investment manager, or custodian of a superannuation entity, as well as to responsible officers of such entities. The scope of the Act extends to all conduct and transactions that involve superannuation entities within Australia. There are no specific exclusions or exemptions outlined in the text, but the Act may extend its application through subordinate instruments, such as regulations and guidelines issued by the Commissioner of Taxation. This particular notice of disqualification under subsection 126A(6) of the SISA affects Janeen Rosemary Norris, who has been disqualified due to the contraventions of the SISA by the corporate trustee of one or more superannuation entities, of which she was a responsible officer at the time.

Key Provisions

The notice of disqualification under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs the recipient, Janeen Rosemary Norris, that she has been disqualified from acting as a responsible officer of a superannuation entity due to serious contraventions of the Act by the corporate trustee of which she was a responsible officer at the time of the contraventions. This disqualification is effective from the day of the notice, which in this case is 4 September 2020. The notice was issued by James O'Halloran, a delegate of the Commissioner of Taxation, and is signed by John Macuz, indicating the authority behind the disqualification. The SISA imposes various obligations on the parties it governs, including corporate trustees and responsible officers. These obligations include compliance with the statutory requirements for the proper management and administration of superannuation funds, as well as adherence to the standards set out in the Act to ensure the protection of members' interests. A responsible officer, in particular, has the duty to ensure that the corporate trustee complies with the Act, including ensuring that the superannuation funds are used solely for the benefit of the members. Under section 126K of the SISA, a disqualified person who knowingly acts or continues to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity commits an offence. This is a serious breach, with the potential consequence of imprisonment for up to two years. This provision is designed to maintain the integrity of the superannuation industry by preventing individuals who have been found to have acted in a manner that warrants disqualification from continuing to manage superannuation funds. The disqualification can potentially be revoked under subsection 126A(5) of the SISA, either on the initiative of the delegate or upon a written application by the disqualified person. Additionally, if the recipient of the disqualification notice, Janeen Rosemary Norris, is dissatisfied with the decision, she has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA. This request must be in writing and provide reasons for the belief that the decision is incorrect.