Notice of Disqualification – Khaled Hoblos - 23 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a robust framework for the supervision of the superannuation industry in Australia, addressing issues such as ensuring compliance with the law, protecting the interests of superannuation fund members, and maintaining the integrity of the superannuation system. The Act was introduced by the Commonwealth Parliament to fill the gap in comprehensive regulation of the superannuation industry, aiming to safeguard the financial well-being of superannuation fund members by ensuring that trustees and other responsible officers act in accordance with the law. Under the authority of the SISA, individuals such as Khaled Hoblos can be disqualified from performing certain roles within superannuation entities if they are found to have contravened the Act's provisions. This legislative measure serves to uphold the policy objective of maintaining high standards of conduct and compliance within the superannuation sector.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, and custodians of superannuation entities. The Act has a Commonwealth reach, extending across Australia and affecting the entire superannuation industry. The Act's scope is comprehensive, covering a broad range of conduct and transactions related to superannuation entities. The Act can disqualify individuals from acting as trustees, investment managers, or custodians of superannuation entities if they have contravened the Act. This disqualification notice serves as an example of the Act's application, as it has disqualified Khaled Hoblos due to his role as a responsible officer of a corporate trustee that contravened the Act. The Act allows for the revocation of disqualifications under certain circumstances and provides avenues for appeal through the Commissioner. Additionally, the Act includes provisions for subordinate instruments that may extend or restrict its application, such as regulations that further define the scope and penalties associated with contraventions.

Key Provisions

The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice of disqualification include subsection 126A(6) (subsection), which mandates the Commissioner of Taxation to give notice of a person’s disqualification, and subsection 126A(2), which allows for the disqualification of a responsible officer if they have contravened the SISA. The disqualification occurs when the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and the seriousness of the contraventions provides grounds for disqualifying the officer. This notice, dated 23 March 2026, informs Khaled Hoblos that he has been disqualified under these provisions. The disqualification takes immediate effect. The obligations and requirements imposed by the Act on Khaled Hoblos, following his disqualification, are significant. Under section 126K of the SISA, it is an offence for a disqualified person who knows they are disqualified to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or part of a body corporate that performs these roles. Failure to adhere to these requirements can lead to severe consequences, including criminal penalties. The Act ensures that those who are disqualified from participating in the management of superannuation entities are prevented from continuing in such roles. Failure to comply with the disqualification can result in serious legal repercussions. According to section 126K of the SISA, it is an offence for a disqualified person to act in any capacity mentioned above. The maximum penalty for committing this offence is a two-year jail term. This severe penalty underscores the importance of adhering to the Act's provisions and the potential criminal consequences of non-compliance. Additionally, the Act provides mechanisms for the revocation of the 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, Khaled Hoblos. Furthermore, under section 344 of the SISA, Khaled Hoblos has the right to request the Commissioner to reconsider the decision if he is not satisfied with it. This request must be made in writing within 21 days of receiving notice of the disqualification and must include the reasons why he believes the decision is wrong. This provision ensures that there is a process in place for reviewing and potentially overturning a disqualification decision.