Notice of Disqualification – Kwanghyun Park – 1 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for effective regulation of the superannuation industry in Australia, ensuring the protection of superannuation funds and the interests of superannuation fund members. The Superannuation Industry (Supervision) Act 1993 was passed by the Parliament of Australia, with the aim of establishing a robust supervisory framework that would oversee the administration and management of superannuation funds, and to prevent and address misconduct within the industry. The Act empowers the Commissioner of Taxation to disqualify individuals from performing certain roles within the superannuation industry if they have contravened the Act, as a means of protecting the integrity of the industry and maintaining public confidence. This legislative instrument serves to notify Kwanghyun Park of his disqualification under the Act, following a determination by a delegate of the Commissioner of Taxation that he has contravened the provisions of the Act on multiple occasions, thereby warranting the disqualification.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, specifically those acting as trustees, investment managers, custodians, or responsible officers of superannuation entities. The Act operates on a Commonwealth level, meaning it has a national reach across Australia. In this case, the disqualification applies to Kwanghyun Park, who has been found to contravene the Act on multiple occasions, leading to the decision by Emma Rosenzweig, a delegate of the Commissioner of Taxation, to disqualify him from acting in the aforementioned capacities. The disqualification is enforceable immediately upon notice and includes a prohibition on Park being or acting as a trustee, investment manager, or custodian of a superannuation entity, as well as a responsible officer or body corporate that serves in these roles. This prohibition is outlined in section 126K of the Act and carries a maximum penalty of two years imprisonment for contravention. The disqualification may be subject to revocation under subsection 126A(5) of the Act, either by the Commissioner on their own initiative or upon Park's written application. Further, dissatisfied parties have the right to request a reconsideration of the decision within 21 days of receiving the notice, as stipulated in section 344 of the Act.

Key Provisions

The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this disqualification notice include sections 126A and 126K. Section 126A(2) permits the disqualification of individuals who have contravened the SISA on one or more occasions, where the number of contraventions provides grounds for such action. Section 126A(6) requires that a notice of disqualification must be given to the individual, and Section 126A(7) mandates that details of the disqualification be published as a Notifiable Instrument in the Federal Register of Legislation. Section 126K outlines the offence of a disqualified person acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or body corporate of such a role, with a maximum penalty of two years imprisonment for committing this offence. The obligations and requirements imposed by the Act on parties or entities it governs include compliance with the Act's provisions to avoid disqualification. Kwanghyun Park, in this case, is required to adhere to the SISA and refrain from actions that would lead to further contraventions. Furthermore, any disqualified person must not act in any capacity that involves the management or oversight of superannuation entities. The Act also imposes an obligation on the Commissioner of Taxation to provide a written notice of disqualification and to ensure that such details are published as a Notifiable Instrument. Breaching the SISA can result in serious consequences, as detailed under section 126K. If a disqualified person knowingly acts in any capacity related to the management or oversight of superannuation entities, they commit an offence with a maximum penalty of two years in jail. The Act also allows for the revocation of disqualification under subsection 126A(5), either on the initiative of the Commissioner or following a written application by the disqualified person. If a person is dissatisfied with the decision to disqualify them, they have the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice, as outlined in section 344. This reconsideration request must be in writing and provide reasons for the perceived incorrectness of the decision.