Notice of Disqualification – Joshphar Kunapo - 27 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a robust regulatory framework for the superannuation industry in Australia, addressing the need for effective supervision and management of superannuation entities to protect the interests of superannuation fund members. The SISA aims to ensure that trustees, investment managers, and custodians of superannuation entities act in the best interests of fund members by imposing regulatory requirements and penalties for non-compliance. The Act was introduced by the Australian Parliament to fill a critical gap in the regulation of the superannuation industry, ensuring that it operates with transparency, accountability, and in the best interests of its members. The SISA includes provisions for disqualifying individuals who have acted in a manner that is inconsistent with their responsibilities, thereby safeguarding the integrity of the superannuation system. The policy objective of the SISA is to provide for the effective supervision of the superannuation industry to protect the interests of superannuation fund members, ensuring that the industry operates efficiently, transparently, and in compliance with the law.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees responsible for managing superannuation entities. Specifically, the Act targets responsible officers of corporate trustees who have been found to contravene the Act, providing grounds for disqualification. The jurisdictional reach of the Act is national, operating under the Commonwealth to regulate the superannuation industry across Australia. The Act’s disqualification provisions extend to preventing disqualified individuals from acting as trustees, investment managers, or custodians of superannuation entities, thereby ensuring the integrity and proper management of superannuation funds. Exclusions or exemptions are not explicitly stated in the Act, though the possibility of disqualification revocation exists either by the delegate's initiative or through a written application by the disqualified person. The Act also mandates that details of such disqualifications be published as notifiable instruments in the Federal Register of Legislation. Furthermore, the Act penalises knowingly acting in a prohibited capacity post-disqualification, with potential penalties including up to two years imprisonment.

Key Provisions

The primary operative sections of the notice under the Superannuation Industry (Supervision) Act 1993 (SISA) involve subsections 126A(2) and 126A(6). Section 126A(2) allows for the disqualification of a responsible officer if there has been a contravention of the SISA by the corporate trustee of a superannuation entity. The disqualification is triggered when the responsible officer was in office at the time of the contraventions, and the number of these contraventions provides sufficient grounds for the disqualification. Section 126A(6) mandates that the Commissioner or a delegate must give written notice of the disqualification to the affected person, as demonstrated in the notice to Joshphar Kunapo. This notification informs the individual that they have been disqualified due to their role in the contraventions committed by the corporate trustee. The obligations and requirements imposed by the SISA on the parties and entities it governs are stringent and focused on maintaining the integrity of the superannuation industry. The Act mandates that responsible officers ensure compliance with all statutory obligations, and any failure to do so can lead to personal disqualification. Additionally, the SISA requires that any corporate trustee must operate within the legal framework set forth by the Act, and any breaches by these entities can have repercussions for their responsible officers. The notice highlights the importance of adherence to these standards to avoid disqualification and the associated consequences. Breaches of the SISA can result in severe consequences, as outlined in sections 126K and 344. Section 126K imposes a criminal offence on any disqualified person who knowingly continues to act as a trustee, investment manager, or custodian of a superannuation entity. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the Act treats non-compliance. Furthermore, section 344 provides a recourse for those affected by the disqualification decision, allowing them to request the Commissioner to reconsider the decision within 21 days of receiving the notice. This provision ensures that affected individuals have an opportunity to contest the decision if they believe it to be unjust. In addition to the criminal and reconsideration provisions, subsection 126A(5) of the SISA allows for the potential revocation of a disqualification either on the initiative of the Commissioner or upon a written application by the disqualified person. This flexibility provides a pathway for rehabilitation and reinstatement for individuals who can demonstrate that the grounds for their disqualification no longer apply. Finally, under Note 1, the details of the disqualification notice are required to be published as a notifiable instrument in the Federal Register of Legislation, ensuring transparency and public awareness of such actions taken under the Act.