Notice of Disqualification – Jason Caldera – 12 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address issues related to the regulation and supervision of the superannuation industry, aiming to protect the interests of superannuation fund members and ensure the integrity of the system. One of the key provisions of this Act is the ability to disqualify individuals who have contravened its provisions, which is intended to maintain high standards of conduct within the industry. The notice of disqualification to Jason Caldera, issued under the authority of the Act, exemplifies this regulatory approach by targeting non-compliance and reinforcing the importance of adherence to the law. The policy objective underpinning the SISA is to provide a robust framework that ensures the proper management and oversight of superannuation funds, thereby safeguarding the financial security of participants.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers, and custodians. The Act has national jurisdictional reach as it is a Commonwealth Act. The disqualification provision under subsection 126A(2) of the SISA applies to individuals who have contravened the Act on one or more occasions, with the number of contraventions providing grounds for disqualification. The disqualification prohibits the disqualified person from acting as a trustee, investment manager, or custodian of a superannuation entity or being a responsible officer or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity, as per section 126K of the SISA. The disqualification may be revoked under subsection 126A(5) of the SISA on the initiative of the Commissioner or upon a written application by the disqualified person. Affected individuals have the right to request a reconsideration of the decision within 21 days of receiving the notice of disqualification. The details of the disqualification notice are published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA.

Key Provisions

The notice of disqualification issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) to Jason Caldera notifies him of his disqualification from participating in the management of a superannuation entity. The decision to disqualify Mr. Caldera is based on a conviction that he has contravened the SISA on multiple occasions, which, according to subsection 126A(2) of the Act, justifies his disqualification. The disqualification is effective immediately from the date of the notice, as stated in the document. Under the SISA, the disqualification imposes specific obligations and requirements on Mr. Caldera. Most notably, as detailed in section 126K, it is an offence for Mr. Caldera, being aware of his disqualification, to serve or act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate performing such roles. These roles are central to the governance and management of superannuation funds, and Mr. Caldera’s disqualification directly impacts his ability to engage in these capacities. Failure to comply with the disqualification provisions can lead to severe consequences. As per section 126K of the SISA, any disqualified person who knowingly contravenes the disqualification order commits an offence. The maximum penalty for this offence is two years imprisonment, indicating the seriousness with which the Act treats breaches of disqualification orders. This penalty serves both as a deterrent against non-compliance and as a means to enforce the regulatory framework designed to protect superannuation funds and their beneficiaries. In addition to the immediate disqualification, the notice also mentions potential avenues for recourse and review. Under subsection 126A(5), the disqualification may be revoked either on the initiative of the relevant authority or upon a written application by Mr. Caldera himself. Furthermore, if Mr. Caldera is dissatisfied with the decision, he has the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice, as outlined in section 344 of the SISA. This provision ensures that affected parties have a formal process to challenge decisions that they believe are unjust or incorrect.