Notice of Disqualification – Matthew Rizza - 4 December 2024

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to regulate the superannuation industry and ensure that it operates efficiently, effectively, and with integrity. The act was introduced to address the need for a regulatory framework that protects the interests of superannuation fund members and beneficiaries. The Superannuation Industry (Supervision) Act 1993 is an Act of the Parliament of Australia, and its policy objective is to ensure that the superannuation industry operates in the best interests of members and beneficiaries, and to protect them from misconduct and mismanagement. The act provides the Commissioner of Taxation with the power to disqualify individuals who have contravened the act on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying them. The disqualification prevents the individual from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and administration of superannuation entities, including trustees, investment managers, and custodians. The disqualification notice issued to Matthew Rizza under subsection 126A(1) of the SISA is a Commonwealth-level application that targets individuals found to have contravened the provisions of the Act. The notice is effective immediately upon issuance and bars the disqualified person from acting in specified roles within the superannuation industry. The geographic reach of the Act extends nationally, covering all jurisdictions within Australia. The notice also indicates that the details of this disqualification will be published in the Federal Register of Legislation, ensuring transparency and public disclosure. There are no stated exclusions or exemptions in the notice, but it does reference the potential for revocation of the disqualification under subsection 126A(5). Additionally, section 126K of the SISA outlines an offence for a disqualified person who knowingly continues to act in a prohibited capacity, with a maximum penalty of two years imprisonment. Should Matthew Rizza wish to contest the disqualification, he has the option to request a reconsideration within 21 days of receiving the notice, as per section 344 of the Act.

Key Provisions

The main operative sections of the notice pertain to the disqualification of Matthew Rizza under subsection 126A(1) of the Superannuation Industry (Supervision) Act 1993 (SISA), which is communicated via subsection 126A(6). This disqualification is predicated on Matthew Rizza’s contravention of the SISA on one or more occasions, with the seriousness of the breaches warranting such action. The disqualification takes effect immediately upon issuance, as per the notice dated 4 December 2024. Additionally, the disqualification will be officially published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA. The Act imposes specific obligations on Matthew Rizza, notably that he is prohibited from acting or being involved as a trustee, investment manager, or custodian of a superannuation entity. This also extends to being a responsible officer or part of a body corporate that assumes these roles within a superannuation entity. The restrictions are explicitly outlined in section 126K of the SISA, and any deliberate contravention of these provisions while aware of the disqualification constitutes an offence. The gravity of this offence is underscored by the potential criminal penalty, which includes a maximum imprisonment term of two years. Should Matthew Rizza wish to seek revocation of his disqualification, he can do so either by applying in writing to the Commissioner or by the Commissioner acting on their own initiative, as per subsection 126A(5) of the SISA. For those who believe the disqualification decision is unjust, the Act provides recourse through section 344, allowing a written request for reconsideration to the Commissioner within 21 days of receiving the notice. This request must articulate the reasons for dissatisfaction with the decision.