NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Julie Marshall
MALVERN VIC 3144
I, Ivan Parrett, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or 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(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 16 October 2012
Ivan Parrett
Assistant Commissioner of Taxation
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 to address significant issues within the superannuation industry, particularly concerning the management and regulation of superannuation funds. This Act was introduced by the Commonwealth Parliament, aiming to safeguard the interests of superannuation fund members by ensuring the prudent and ethical management of their funds. The policy objective is to maintain and improve the standard of conduct and performance of entities involved in the superannuation industry, thereby protecting the retirement savings of Australians. The Act provides mechanisms for the disqualification of individuals who fail to comply with the stringent standards and regulations set forth, ensuring that only those who uphold the highest standards of integrity and competence manage superannuation funds. This legislative framework is essential for preserving the trust and confidence of the public in the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management and administration of superannuation funds in Australia. Specifically, it applies to trustees, responsible officers, trustees of bodies corporate that act as trustees, investment managers, and custodians of superannuation entities. The Act's jurisdiction covers the entire Commonwealth of Australia, ensuring a uniform regulatory framework across all states and territories. However, it excludes entities that are solely exempt public sector superannuation schemes as defined in the Act. The disqualification process under the SIS Act can be extended through subordinate instruments, which allow for the creation of further regulations that define specific conditions and procedures for disqualification. In this case, Julie Marshall has been disqualified from being a trustee or a responsible officer due to contraventions of the SIS Act, with the disqualification taking effect immediately upon the issuance of the notice.
Key Provisions
The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) in this notice are sections 126A(1) and 126A(6). Section 126A(1) provides the grounds for disqualifying a person from holding certain roles within a superannuation entity, which in this case applies to Julie Marshall. Section 126A(6) mandates the issuance of a formal notice to the disqualified person, outlining the decision and its basis. Julie Marshall has been disqualified from being a trustee or a responsible officer of any body corporate that serves as a trustee, investment manager, or custodian of a superannuation entity.
Under the SIS Act, Julie Marshall is now prohibited from engaging in any activities that require her to hold the specified roles in superannuation entities. This means she cannot participate in the management or administration of superannuation funds, which includes making decisions about investments, handling fund assets, and ensuring compliance with regulatory standards. The obligations imposed by this disqualification are stringent, requiring Julie to refrain from any activities that would allow her to directly or indirectly manage superannuation funds.
In terms of legal consequences, the Act does not specify a particular offence in this notice, but it is clear that any breach of the disqualification order could result in further legal action. The penalties for such breaches could include fines or imprisonment, depending on the nature and severity of the contravention. While the notice does not specify a maximum penalty, it is important to note that the SIS Act provides for substantial penalties for non-compliance with its provisions, which can include fines of up to $22,200 for individuals and more for corporations, as well as potential criminal sanctions. Julie Marshall is also informed that she has the right to request a reconsideration of the decision within 21 days of receiving the notice, as per section 344 of the SIS Act.