NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Phongsavanh Mangala
HAMPTON PARK VIC 3976
I, Alison Lendon, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(2) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 29 August 2014
Alison Lendon
Deputy Commissioner
Per Craig Blair
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days of the day on which you received notice of the decision and must also give the reasons for making the request.
Overview
The Superannuation Industry (Supervision) Act 1993 (SIS Act) was enacted to address the need for oversight and regulation within the superannuation industry, aiming to protect the interests of superannuation fund members. The SIS Act provides a regulatory framework that governs trustees, investment managers, and custodians of superannuation entities, ensuring compliance with the standards set to maintain the integrity and stability of the industry. The Commonwealth Parliament enacted this legislation to establish the Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO) as the primary regulatory bodies responsible for supervising and enforcing compliance within the superannuation sector. The policy objective of the SIS Act is to safeguard the financial well-being of superannuation fund members by ensuring that trustees and other responsible officers adhere to the stipulated regulatory requirements, thus preventing misconduct and financial mismanagement within superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to trustees, responsible officers, and bodies corporate that manage superannuation entities, encompassing their roles and conduct in managing superannuation funds. The Act's jurisdictional reach is national, applying throughout Australia, and it extends to trustees and responsible officers, irrespective of whether they are individuals or entities. The Act may disqualify individuals from serving as trustees or responsible officers if they are found to have contravened the provisions of the Act in a manner that warrants such a sanction. The decision to disqualify is made by a delegate of the Commissioner of Taxation and is effective immediately upon issuance of the notice. The Act provides for the possibility of revocation of the disqualification order and allows for reconsideration of the decision by the Commissioner within 21 days of receiving notice of the disqualification. Additionally, the particulars of the disqualification order may be published in the Gazette, thereby extending the Act's application beyond the immediate parties to include the broader public.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes specific provisions for disqualifying individuals from managing superannuation entities. Under section 126A(6), a delegate of the Commissioner of Taxation can disqualify an individual from being a trustee or responsible officer of a body corporate managing a superannuation entity if they are satisfied that the individual has contravened the SIS Act. This disqualification is communicated through a notice, as seen in the provided document, which informs the individual that they have been disqualified due to the nature, seriousness, and number of their contraventions. The disqualification order becomes effective on the date the notice is issued.
The SIS Act imposes several obligations on individuals and entities involved in the management of superannuation funds. Trustees and responsible officers must comply with all provisions of the SIS Act to ensure the proper administration of superannuation funds. This includes adherence to investment strategies, reporting requirements, and fiduciary duties. Failure to comply with these obligations can result in severe consequences, including disqualification from managing superannuation entities.
Breaches of the SIS Act can lead to significant penalties and consequences. Under section 126A(2) of the SIS Act, the delegate of the Commissioner of Taxation can disqualify an individual if they are satisfied that the individual has contravened the Act. The disqualification is intended to protect the interests of superannuation fund members. Additionally, under subsection 126A(7) of the SIS Act, particulars of the disqualification notice will be published in the Gazette. This public notice serves as a formal record of the disqualification. Furthermore, the SIS Act provides avenues for reconsideration and potential revocation of the disqualification order, as outlined in subsection 126A(5) and section 344 of the Act.