Notice of Disqualification – Marie Labiche-Murthen - 30 June 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to regulate the superannuation industry, ensuring the protection of superannuation funds and beneficiaries. The Act addresses issues such as the proper management, investment, and governance of superannuation funds, aiming to maintain the integrity of the superannuation system. The SISA was introduced to fill the gap left by the need for a regulatory framework that could oversee and enforce compliance within the superannuation industry, thereby protecting the interests of superannuation fund members. The Act empowers the Commissioner of Taxation to disqualify individuals from acting in responsible positions within superannuation entities if they are found to have contravened the provisions of the Act, as highlighted in the disqualification notice issued to Marie Labiche-Murthen. The policy objective of the SISA is to ensure that superannuation funds are managed in the best interests of the members, which includes the enforcement of disqualifications for breaches of the Act.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees involved in the supervision of superannuation entities, which include funds, trustees, investment managers, and custodians. The Act covers conduct and transactions that relate to superannuation entities, and it applies to the whole of Australia, thereby extending its reach across all states and territories. The Act imposes disqualifications on responsible officers of corporate trustees who have contravened the SISA, as evidenced by the notice issued to Marie Labiche-Murthen. This disqualification is imposed if the contraventions are numerous enough to warrant such action. Notably, the Act provides mechanisms for the revocation of disqualifications and allows for judicial review of the decision to disqualify. Any disqualified person who knowingly acts in a prohibited capacity, such as a trustee or investment manager of a superannuation entity, commits an offence that carries a maximum penalty of two years imprisonment. The geographic and jurisdictional scope of the Act is comprehensive, covering all aspects of the superannuation industry throughout the Commonwealth of Australia.

Key Provisions

The primary sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice are subsections 126A(2) and 126A(6). Under subsection 126A(2), a responsible officer of a corporate trustee can be disqualified if they have been involved in multiple contraventions of the SISA. Subsection 126A(6) mandates that the Commissioner of Taxation, or a delegate such as Emma Rosenzweig, must provide a formal notice of the disqualification to the affected individual. The notice specifies that Marie Labiche-Murthen has been disqualified as she was a responsible officer at the time of the contraventions, and the number of these contraventions justifies her disqualification. The Act imposes several obligations on the parties it governs, primarily ensuring compliance with the SISA to maintain the integrity of the superannuation industry. Responsible officers, like Marie Labiche-Murthen, must adhere to the legislative requirements to avoid potential disqualification. The Act also mandates that the Commissioner or a delegate must notify the individual of any disqualification in writing, as seen in this notice to Marie Labiche-Murthen. Additionally, the Act requires that the details of the disqualification be published in the Federal Register of Legislation under subsection 126A(7), ensuring transparency and public awareness of the disqualification. Section 126K of the SISA outlines the criminal consequences for a disqualified person knowingly acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. The maximum penalty for such an offence is two years in jail. This severe penalty underscores the importance of compliance with the Act and the serious consequences of contravening its provisions. Furthermore, under subsection 126A(5), the disqualification can be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. Finally, section 344 allows an individual affected by the decision to request a reconsideration by the Commissioner within 21 days of receiving notice, providing a mechanism for reviewing the decision if there are grounds for dissatisfaction.