Notice of Disqualification – Marco Ambrosino

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address the need for better regulation and oversight of the superannuation industry. This legislation was introduced to ensure that superannuation funds are managed responsibly and in the best interests of fund members, thereby addressing gaps in the regulation of superannuation trustees and related entities. The policy objective of the Act is to protect the savings and retirement interests of Australians by establishing a framework for the supervision, regulation, and administration of superannuation funds. This includes setting standards for the conduct of trustees and other persons involved in the administration of these funds, as well as providing mechanisms for enforcement and penalties for non-compliance. The Act empowers the Commissioner of Taxation to disqualify individuals from participating in the management of superannuation funds if they have contravened the provisions of the Act in a manner that warrants such action.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds within Australia. The act is applicable on a national level, governing the conduct of trustees, investment managers, custodians, and responsible officers of superannuation entities. The primary aim of the act is to ensure the integrity and proper management of superannuation funds, protecting the interests of fund members. The act's scope includes the regulation of transactions and conduct related to superannuation entities, providing a framework for compliance and enforcement. Notably, the act extends its reach through subordinate instruments to further detail and refine its application, ensuring comprehensive oversight of the superannuation industry. The act specifically targets individuals like Marco Ambrosino, who have contravened its provisions, leading to potential disqualification. The disqualification under the SISA bars individuals from acting or being involved in any capacity that requires a superannuation licence. The seriousness of the contraventions committed determines the imposition of this disqualification. Furthermore, the act provides for the publication of such disqualifications in the Commonwealth Government Notices Gazette, ensuring transparency and public awareness. The act also includes provisions for the revocation of disqualification, both on the initiative of the authorities or upon application by the disqualified person. Additionally, it outlines the appeal process for those dissatisfied with the decision, allowing for a written request for reconsideration within a specified timeframe.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions that allow for the disqualification of individuals who have contravened the Act. In particular, subsection 126A(2) allows for disqualification if the individual has contravened the Act and the contraventions are serious enough to warrant it. Subsection 126A(6) requires that a notice of disqualification be given to the individual concerned. This was the case for Marco Ambrosino, who received a notice of disqualification on 22 March 2022. The notice, issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation, states that Marco has been disqualified under subsection 126A(2) of the SISA. The disqualification took effect on the day it was issued. Under the SISA, a disqualified person is not permitted to act as, or be, a trustee, investment manager or custodian of a superannuation entity, or a responsible officer or body corporate that is a trustee, investment manager or custodian of a superannuation entity. This is an offence under section 126K of the SISA and can result in a maximum penalty of two years' imprisonment. The disqualification can be revoked on the initiative of the Commissioner or by written application from the disqualified person. If a person is not satisfied with the decision to disqualify them, they can request the Commissioner to reconsider the decision in writing within 21 days of receiving notice of the decision, giving reasons why they think the decision is wrong. In summary, the SISA contains provisions that allow for the disqualification of individuals who have contravened the Act and the seriousness of the contraventions provides grounds for disqualifying them. The disqualification notice must be given to the individual concerned and details of the disqualification will be published in the Commonwealth Government Notices Gazette. A disqualified person is not permitted to act as, or be, a trustee, investment manager or custodian of a superannuation entity, or a responsible officer or body corporate that is a trustee, investment manager or custodian of a superannuation entity. This is an offence under section 126K of the SISA and can result in a maximum penalty of two years' imprisonment. The disqualification can be revoked on the initiative of the Commissioner or by written application from the disqualified person. If a person is not satisfied with the decision to disqualify them, they can request the Commissioner to reconsider the decision in writing within 21 days of receiving notice of the decision, giving reasons why they think the decision is wrong.