NOTICE OF DISQUALIFICATION – Mohammad Jahirul Islam
Superannuation Industry (Supervision) Act 1993
To:
Mohammad Jahirul Islam
LAKEMBA NSW 2195
I, Emma Rozenzweig, 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 have disqualified you as I am 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: 2 September 2022
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Antonio Macolino
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
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 was enacted to establish a regulatory framework for the supervision of superannuation funds in Australia, addressing the need for effective oversight and protection of superannuation savings. The legislation was introduced by the Parliament of Australia with a clear policy objective to ensure the integrity and soundness of the superannuation industry, safeguarding the interests of superannuation fund members. In this context, a notice of disqualification was issued under subsection 126A(6) of the Act to Mohammad Jahirul Islam, identifying him as a disqualified person due to contraventions by the corporate trustee of one or more superannuation entities of which he was a responsible officer at the time. This legislative action underscores the commitment to maintaining the standards and ethical practices within the superannuation industry, aiming to prevent misconduct and protect the financial security of superannuation members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to the administration and oversight of superannuation entities, which include superannuation funds and related entities. The Act extends to the conduct of responsible officers, trustees, and investment managers within these entities, as well as the entities themselves. The Act operates on a national level, with its provisions binding across Australia, reflecting its Commonwealth nature. The Act's scope includes disqualifying individuals who have been associated with corporate trustees of superannuation entities found to have contravened the Act, thereby preventing them from acting in certain capacities within the superannuation industry. This disqualification is a significant measure to ensure the integrity and proper management of superannuation funds. Any person who knowingly acts in a restricted capacity post-disqualification commits an offence and may face penalties, including imprisonment. The Act also allows for the possibility of disqualification revocation under certain conditions, and provides a mechanism for reconsideration of decisions by affected parties within a specified timeframe.
Key Provisions
The primary operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context are sections 126A and 126K. Section 126A(2) authorises the disqualification of individuals who are responsible officers of a corporate trustee of a superannuation entity and have been involved in contraventions of the SISA. The notice of disqualification under section 126A(6) informs the individual that they have been disqualified and the reasons for the decision, in this case, due to serious contraventions by the corporate trustee for which the individual was responsible at the time. Section 126K imposes an offence on disqualified persons who knowingly act as trustees, investment managers, custodians, or responsible officers of superannuation entities, with a maximum penalty of two years in jail.
The Act imposes specific obligations on the parties it governs, including the requirement that responsible officers ensure compliance with the SISA by the corporate trustee. If the SISA is contravened, the responsible officer is liable to disqualification. Additionally, once disqualified, individuals are prohibited from acting in any capacity that involves managing superannuation entities, as outlined in section 126K. The Act mandates that any disqualified person must refrain from engaging in such activities unless the disqualification is revoked.
Failure to comply with the Act’s provisions can result in severe consequences. According to section 126K, a disqualified person who knowingly continues to act in a capacity that involves managing superannuation entities commits an offence. This offence carries a maximum penalty of two years imprisonment, emphasising the seriousness with which the Act treats breaches of disqualification orders. 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, but the interim period of disqualification remains in effect unless formally revoked.