Notice of Disqualification - Mrs Rasa Mosman

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for stringent oversight and regulation of the superannuation industry in Australia, ensuring the protection of retirement savings and promoting the efficient, honest and fair management of superannuation funds. The Act was introduced by the Commonwealth Parliament, with the policy objective of maintaining and improving the integrity of the superannuation system by regulating the conduct of those involved in the management and operation of superannuation funds. The Act provides a framework for the supervision and regulation of the superannuation industry, aiming to safeguard the interests of superannuation fund members and beneficiaries. This notice of disqualification under subsection 126A(6) of the SISA informs Mrs. Rasa Mosmana that she has been disqualified from acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity due to her contravention of the Act. The disqualification order takes immediate effect, and the decision may be subject to reconsideration or revocation under the provisions of the Act.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) provides the legislative framework for overseeing the superannuation industry in Australia, ensuring that entities and individuals involved in the management and administration of superannuation funds comply with specified standards. The Act applies to trustees, investment managers, custodians, and responsible officers of body corporates that are involved in managing superannuation entities. The geographic reach of the Act is national, as it applies across Australia, irrespective of state or territory boundaries. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who contravene its provisions. The decision to disqualify is made by a delegate of the Commissioner, as evidenced in the notice given to Mrs Rasa Mosman, and becomes effective immediately upon issuance. This disqualification order can be revoked either by the delegate on their own initiative or following a written application by the disqualified person. Additionally, the Act allows for reconsideration of the decision by the Commissioner if the affected party is dissatisfied with the outcome, provided a written request is made within 21 days of receiving the notice. The Act also mandates the publication of particulars of such disqualification notices in the Gazette, ensuring transparency and public accountability.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides various provisions for the supervision and regulation of superannuation entities. Section 126A(6) of the SISA mandates that a delegate of the Commissioner of Taxation must notify a person when they have been disqualified from being or acting as a trustee, investment manager or custodian of a superannuation entity or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity. In this case, Mrs Rasa Mosman Aber is being notified that she has been disqualified from these roles under subsection 126A(1) of the SISA, as she has contravened the SISA on one or more occasions, and the nature, seriousness and number of the contraventions provide grounds for disqualifying her. The disqualification order takes effect on the day the notice is made. Under the SISA, Mrs Rasa Mosman Aber is required to comply with certain obligations and requirements. As a disqualified person, she is not permitted to be, or act as, a trustee, investment manager or custodian of a superannuation entity or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity. This means that she cannot participate in the management or administration of any superannuation funds or entities, and must refrain from engaging in any activities that would require her to be involved in the management or administration of superannuation funds or entities. If Mrs Rasa Mosman Aber breaches the provisions of the SISA, she may be subject to civil or criminal penalties. Under the SISA, a person who contravenes certain provisions may be liable to a civil penalty of up to $100,000 for each contravention. Additionally, if a person is found guilty of a criminal offence under the SISA, they may be subject to a fine of up to $120,000 for an individual or $600,000 for a body corporate, or imprisonment for up to five years, or both. The specific penalties for a particular contravention will depend on the nature and severity of the offence. Mrs Rasa Mosman Aber has the right to request the Commissioner to reconsider the decision to disqualify her from being or acting as a trustee, investment manager or custodian of a superannuation entity or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity. Such a request must be made in writing within 21 days after the day on which she received notice of the decision and must also give the reasons for making the request. The Commissioner may either confirm the decision or revoke the disqualification order, depending on the merits of the case.