NOTICE OF DISQUALIFICATION – Katerina Kordas - 07 February 2025
Superannuation Industry (Supervision) Act 1993
To:
Katerina Kordas
MILL PARK VIC 3082
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(1) of the SISA.
I’ve disqualified you as I’m satisfied that you’ve contravened the SISA on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 7 February 2025
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jenny McGuire
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a regulatory framework for the supervision of superannuation entities in Australia, addressing the need for robust oversight to protect the interests of superannuation fund members. The Act was introduced by the Commonwealth Parliament with the policy objective of ensuring the financial stability and integrity of the superannuation industry, safeguarding the retirement savings of Australians. The legislation includes provisions for the disqualification of individuals who have breached the Act, with the aim of preventing those who have acted improperly from continuing to manage superannuation funds. This legislative approach underscores the importance of maintaining high standards of conduct within the superannuation industry to ensure the long-term security of retirement benefits.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the supervision and regulation of superannuation funds in Australia. Specifically, the Act applies to trustees, investment managers, custodians, and responsible officers of superannuation entities, as well as to body corporates that assume such roles. Its jurisdiction extends across the Commonwealth of Australia, ensuring a uniform approach to the regulation of superannuation funds. The Act allows for the disqualification of individuals found to have contravened its provisions, particularly where the seriousness of the contravention warrants such action. This disqualification prohibits the disqualified person from acting in their former capacities within the superannuation industry. Exclusions or exemptions are not explicitly stated in the provided text, but the Act's broad application suggests that it covers a wide range of conduct and transactions within the superannuation sector. The Act may also extend or restrict its application through subordinate instruments, although specific details are not provided in the notice.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to the notice of disqualification provided to Katerina Kordas involve subsections 126A(1) and 126A(6). Under subsection 126A(1), the Commissioner of Taxation has the authority to disqualify a person from participating in the superannuation industry if they are satisfied that the person has contravened the SISA. The disqualification notice under subsection 126A(6) informs the disqualified individual of this decision, indicating that the disqualification is effective from the date the notice is issued.
The Act imposes several obligations and requirements on individuals such as Katerina Kordas. Primarily, it mandates compliance with the SISA to avoid disqualification. If a person is found to have contravened the Act, the Commissioner can disqualify them. Additionally, the Act requires that any details of the disqualification be published as a Notifiable Instrument in the Federal Register of Legislation, as outlined in subsection 126A(7). This ensures transparency and public notification of disqualifications.
For individuals who are disqualified, there are significant consequences outlined in the Act. Section 126K imposes a criminal offence on disqualified persons who knowingly act as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or a body corporate in such roles. The maximum penalty for this offence, as stated, is two years imprisonment, highlighting the seriousness of non-compliance with the Act’s provisions.
Furthermore, the Act provides mechanisms for reconsideration and potential revocation of disqualification. Subsection 126A(5) allows for the revocation of disqualification either on the initiative of the Commissioner or upon a written application by the disqualified person. Additionally, section 344 offers a recourse for those dissatisfied with the disqualification decision, allowing them to request a reconsideration in writing within 21 days of receiving notice of the decision, providing reasons for the perceived wrongfulness of the decision.