Notice of Disqualification - Mr Raghib Ahmad - 26 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address the need for robust oversight and regulation of the superannuation industry, aiming to protect the interests of superannuation fund members. The legislation was introduced to ensure that the management and administration of superannuation funds are conducted with integrity, transparency, and in the best interests of fund members. The Act establishes a framework for the regulation of superannuation entities and their trustees, investment managers, and custodians, with a particular focus on preventing misconduct and ensuring the financial stability of the superannuation system. The SISA aims to maintain public confidence in the superannuation system by imposing strict regulatory requirements and penalties for non-compliance. In the context of the notifiable instrument, Mr. Raghib Ahmad has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate involved in these roles, due to contraventions of the SISA. This disqualification, issued by a delegate of the Commissioner of Taxation, is intended to prevent individuals who have demonstrated serious breaches of the Act from participating in the management of superannuation funds. The notice of disqualification serves to inform Mr. Ahmad of his disqualificaton and the serious consequences, including potential criminal penalties, if he continues to act in the prohibited capacities. Furthermore, the Act provides mechanisms for reconsideration of the disqualification and potential pathways for revocation under certain conditions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and regulation of superannuation funds within Australia, specifically targeting trustees, investment managers, custodians, and responsible officers of superannuation entities. The act is a Commonwealth legislation, thus it extends across the entire nation, regulating conduct and transactions related to superannuation funds in alignment with federal standards. The act explicitly targets those who have contravened its provisions, leading to potential disqualification if the breaches are deemed serious enough. The geographic reach of the SISA is national, ensuring uniform standards and supervision of superannuation entities across all states and territories of Australia. The act provides for the disqualification of individuals found guilty of serious contraventions, with the disqualification barring them from acting as trustees, investment managers, custodians, or responsible officers of any superannuation entity. The disqualification is not only enforced through the primary act but also supported by subordinate instruments and regulations that may further define and extend the application of the act. Additionally, any disqualified person found to be knowingly acting in any of the restricted roles post-disqualification commits an offence liable to a maximum penalty of two years imprisonment, reinforcing the strict oversight of the superannuation industry by the Commonwealth.

Key Provisions

The notice of disqualification issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Mr. Raghib Ahmad that he has been disqualified due to his contravention of the SISA on one or more occasions, which the delegate of the Commissioner of Taxation deems serious enough to warrant disqualification. This disqualification takes effect immediately upon issuance of the notice. This notice is a formal declaration of the action taken against Mr. Ahmad, as stipulated by the SISA. The SISA imposes specific obligations on Mr. Ahmad and other parties it governs, requiring them to adhere to the standards and regulations set out within the Act. These obligations include compliance with the requirements necessary to maintain their roles within the superannuation industry. For Mr. Ahmad, the disqualification effectively removes him from any role or position related to the management or oversight of superannuation entities, including acting as a trustee, investment manager, custodian, or responsible officer of such entities. Failure to comply with the disqualification can result in serious legal consequences. As stated in section 126K of the SISA, it is an offence for a disqualified person to act in any capacity as a trustee, investment manager, custodian, or responsible officer of a superannuation entity while knowing they are disqualified. The maximum penalty for committing this offence is two years imprisonment, highlighting the seriousness of the legislation and its enforcement. The notice also outlines the potential for the disqualification to be revoked. According to subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner or upon Mr. Ahmad's written application. Additionally, under section 344 of the SISA, Mr. Ahmad has the right to request a reconsideration of the decision if he is dissatisfied with it. This request must be made in writing within 21 days of receiving notice of the decision, detailing the reasons for believing the decision to be incorrect. This provision ensures that there is a formal process for addressing grievances related to the disqualification.