NOTICE OF DISQUALIFICATION – Michael Papadopoulos - 4 December 2023
Superannuation Industry (Supervision) Act 1993
To:
Michael Papadopoulos
Blakehurst NSW 2221
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(2) of the SISA.
I’ve disqualified you as I’m satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 4 December 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jaq McDougall
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation..
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to address issues in the supervision and regulation of the superannuation industry in Australia. The legislation aims to ensure that trustees, investment managers, and custodians of superannuation entities comply with the law, thus protecting the interests of superannuation fund members. The Act includes provisions for the disqualification of individuals who have acted in a way that warrants such action, ensuring that those who misuse their positions within the superannuation sector are held accountable. This approach helps maintain the integrity and stability of the superannuation system. The policy objective of the SISA is to provide for the effective regulation of the superannuation industry and to protect the interests of members of superannuation entities by ensuring compliance with the law.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to various entities, including trustees, investment managers, and custodians of superannuation funds, as well as responsible officers of these entities, ensuring compliance with superannuation regulations. This legislation has a nationwide reach within Australia, applicable across all states and territories, thereby enforcing a uniform regulatory environment for superannuation entities. The Act specifically targets individuals and entities that have contravened its provisions, with the authority to disqualify responsible officers from participating in the management of superannuation funds. The disqualification applies to individuals like Michael Papadopoulos, who were responsible officers at the time of the contraventions, and it can be imposed based on the seriousness of the breaches identified. The Act also provides for the possibility of revocation of such disqualifications under certain conditions. Notably, the Act extends its reach through subordinate instruments, which may further define the scope of disqualification and the conditions under which it may be revoked or reconsidered.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes key provisions that deal with the disqualification of individuals from involvement in superannuation entities. Under subsection 126A(2), a person can be disqualified if there is a contravention of the Act by a corporate trustee, and the person was a responsible officer at the time. The disqualification, as outlined in subsection 126A(6), becomes effective on the date it is issued. In the case of Michael Papadopoulos, he has been disqualified under these provisions due to his role as a responsible officer during the contraventions by the corporate trustee.
The Act imposes significant obligations on parties involved with superannuation entities. Trustees, investment managers, and custodians must comply with the Act to ensure the proper management of superannuation funds. Responsible officers, such as Michael Papadopoulos, have the added responsibility of ensuring that the corporate trustee adheres to the Act’s requirements. Failure to meet these obligations can result in personal disqualification.
Violating the provisions of the SISA can lead to severe consequences. According to section 126K, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such a body. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the Act treats breaches of its provisions.
Additionally, the Act provides mechanisms for dealing with disqualifications. Subsection 126A(5) allows for the revocation of a disqualification either on the initiative of the Commissioner or upon a written application by the disqualified person. For those who feel their disqualification is unjust, section 344 offers a recourse by allowing a request for reconsideration of the decision within 21 days of receiving notice. This request must be in writing and detail the reasons for dissatisfaction with the decision.