Notice of Disqualification – Jose Pino – 20 August 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Australian Parliament to address the need for effective oversight and regulation of the superannuation industry, aiming to protect the interests of superannuation fund members and ensure the integrity of the system. This Act provides the Commissioner of Taxation with the authority to disqualify individuals from acting in certain capacities within the superannuation industry if they are found to have contravened the Act. The Act includes provisions that allow for the disqualification of individuals who have breached the legislation, with the objective of maintaining high standards of conduct and compliance within the industry. The policy objective is to safeguard the financial well-being of superannuation fund members by preventing individuals with a history of non-compliance from managing or influencing superannuation entities.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds in Australia, ensuring compliance with stringent regulatory standards to protect the interests of superannuation fund members. This Act extends its jurisdiction nationally, impacting trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act explicitly prohibits disqualified individuals from acting in any capacity related to the management of superannuation entities, with severe penalties including up to two years imprisonment for violations. Disqualification notices, such as the one issued to Jose Pino, are published as Notifiable Instruments in the Federal Register of Legislation, providing transparency and accountability. The Commissioner of Taxation has the authority to revoke disqualifications either on their own initiative or upon written application by the disqualified individual. Additionally, individuals dissatisfied with the disqualification decision have the right to request a reconsideration within 21 days of receiving the notice, as outlined in section 344 of the SISA.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions that allow for the disqualification of individuals who contravene its terms. Under subsection 126A(2) of the SISA, a person can be disqualified if they contravene the Act on one or more occasions, and the number of such contraventions provides grounds for disqualification. In this instance, the notice issued to Jose Pino under subsection 126A(6) of the SISA specifies that he has been disqualified for contravening the Act, with the disqualification taking immediate effect. The Act imposes significant obligations on the parties it governs. As stated in Note 2, any disqualified person who knows of their disqualification and continues to act as a trustee, investment manager, custodian of a superannuation entity, or a responsible officer or body corporate in such capacities commits an offence. This is a strict liability offence, meaning that the person's knowledge of their disqualification is not a necessary condition for liability, but their actions post-disqualification can lead to criminal penalties. The maximum penalty for this offence is imprisonment for up to two years, as outlined in Note 2. The SISA also provides mechanisms for the potential revocation of a disqualification. Under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner or upon a written application from the disqualified person. Furthermore, section 344 of the SISA allows for an internal review of the disqualification decision if the affected person is dissatisfied with it. This review request must be made in writing within 21 days of receiving notice of the disqualification, and must include the reasons for believing the decision to be incorrect. Finally, it is important to note that details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA. This ensures transparency and public awareness of the disqualification, reinforcing the accountability and oversight mechanisms within the superannuation industry.