Notice of Disqualification - Mr Steven Peri

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address issues within the superannuation industry, particularly ensuring compliance and proper governance of superannuation funds. The Act was introduced by the Australian Parliament to provide a framework for the regulation and supervision of the superannuation industry, with a focus on protecting the interests of superannuation fund members. The policy objective of the Act is to ensure that the superannuation industry operates in a way that is fair, efficient and transparent, and to maintain public confidence in the system. Under this Act, responsible officers of corporate trustees can be disqualified if the trustee contravenes the Act, and the contraventions are serious enough to warrant such action. This ensures accountability and helps to maintain the integrity of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees within the superannuation industry, imposing obligations and responsibilities on these individuals to ensure compliance with the provisions of the Act. The disqualification notice issued under this legislation specifically targets Mr Steven Peri, due to his role as a responsible officer of a corporate trustee that contravened the SISA. The geographic reach of the Act is Commonwealth-wide, as it is an Act of the Parliament of Australia. The Act extends its application through subordinate instruments, which may provide further detail on the obligations of responsible officers and the consequences of non-compliance. The notice indicates that Mr Peri is disqualified from acting as a trustee, investment manager or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity, with serious implications, including a potential two-year jail term if he commits this offence knowingly. The disqualification may be revoked under certain conditions, and Mr Peri has the right to request a reconsideration of the decision within 21 days of receiving the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides mechanisms for the disqualification of individuals involved in superannuation entities. Section 126A(2) empowers a delegate of the Commissioner of Taxation to disqualify a person if they have acted as a responsible officer of a corporate trustee and the corporate trustee has contravened the SISA. Section 126A(6) mandates that the delegate must issue a notice of disqualification to the affected person, as seen in the case of Mr Steven Peri. The notice, issued by Emma Rosenzweig, a delegate of the Commissioner, informs Mr Peri of his disqualification due to the serious contraventions by the corporate trustee he was associated with. The SISA imposes obligations on individuals who have been disqualified from participating in superannuation activities. Specifically, section 126K prohibits a disqualified person from acting or being a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer of such an entity. This prohibition is crucial to ensure the integrity and proper management of superannuation funds. Breaching this prohibition can lead to serious legal consequences. Breaching the provisions of section 126K constitutes an offence under the SISA. The maximum penalty for knowingly being or acting in a prohibited capacity as a disqualified person is two years imprisonment. This severe penalty underscores the importance of compliance with the disqualification order. Additionally, section 126A(7) stipulates that details of the disqualification will be published in the Commonwealth Government Notices Gazette, ensuring transparency and public awareness of the disqualification. Furthermore, the SISA provides avenues for review and potential revocation of the disqualification. Subsection 126A(5) allows for the disqualification to be revoked either on the initiative of the delegate or upon a written application by the disqualified person. This flexibility ensures that individuals have the opportunity to rectify the circumstances leading to their disqualification. Moreover, section 344 allows Mr Peri to request a reconsideration of the decision within 21 days of receiving the notice, provided he submits a written request outlining the reasons for his dissatisfaction with the decision.