NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Saroeun Bin
OAKDEN SA 5086
I, Ivan Parrett, 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(1) 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: 28 January 2014
Ivan Parrett
Assistant Commissioner of Taxation
Per Michael Grivell
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 was enacted to regulate the superannuation industry in Australia, ensuring that it operates in the best interests of members and their dependants. The Act was introduced to address the need for stringent oversight and regulation of superannuation funds to prevent mismanagement, fraud, and abuse of the system. The Superannuation Industry (Supervision) Act 1993 is an Act of the Australian Parliament, aimed at providing a robust framework for the administration, regulation, and supervision of superannuation funds to protect the interests of fund members. The policy objective of the Act is to ensure that superannuation funds are managed responsibly, transparently, and efficiently, safeguarding the retirement savings of millions of Australians. The Act establishes the Australian Prudential Regulation Authority (APRA) as the primary regulator of the superannuation industry and empowers it to supervise and enforce compliance with the provisions of the Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to trustees, responsible officers, and entities involved in the management or custody of superannuation funds in Australia. This Act encompasses individuals and corporate bodies responsible for the administration of superannuation entities, ensuring compliance with regulatory standards to protect the interests of superannuation fund members. The disqualification order under this Act applies nationally across Australia, as it is a Commonwealth legislation, and it imposes a blanket restriction on the individual named, Mr Saroeun Bin Oakden, from engaging in roles that involve managing superannuation funds, such as being a trustee, investment manager, or custodian of a superannuation entity. The order takes immediate effect upon issuance. Although the Act allows for the possibility of revoking the disqualification order, this requires either the individual's application or the Commissioner's own initiative, and any dissatisfaction with the decision can be subject to reconsideration within a specified 21-day window. This legislative framework is designed to uphold the integrity of the superannuation system by preventing individuals with a history of non-compliance from participating in the management of superannuation funds.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes specific provisions that allow for the disqualification of individuals from holding certain positions within superannuation entities. Under subsection 126A(6) of the SIS Act, a delegate of the Commissioner of Taxation can disqualify a person from being a trustee or a responsible officer of a body corporate involved in managing superannuation funds if they believe the individual has contravened the Act. The operative sections of the SIS Act, such as subsection 126A(1), enable the delegate to make such a decision if they are satisfied that the contraventions are significant enough to warrant disqualification.
The SIS Act imposes specific obligations on the parties or entities it governs. Trustees and responsible officers must adhere to the requirements set out in the Act to ensure the proper management and administration of superannuation funds. This includes maintaining transparency, acting in the best interests of the fund members, and complying with all relevant legislative provisions. The Act mandates that these individuals must not engage in any activities that could be considered detrimental to the superannuation fund or its members.
Failure to comply with the provisions of the SIS Act can lead to serious consequences. Section 126A(1) of the SIS Act allows for disqualification as a remedy for significant contraventions. Additionally, under section 344, individuals who are affected by such decisions have the right to request a reconsideration of the decision within 21 days of receiving notice. This process provides a safeguard for those who believe their disqualification was unjust. However, the Act does not specify the maximum penalties for contraventions, but it does establish the framework for administrative and legal actions against non-compliance.