NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Teresa Catania
NORTH ADELAIDE SA 5006
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 (SISA), that I have disqualified you under subsection 126A(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 9 June 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Gerard Carney
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
In accordance with subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SISA, 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 after 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 (SISA) was introduced to provide a framework for the supervision of the superannuation industry in Australia, addressing the need for regulation to protect the interests of superannuation fund members. Enacted by the Australian Parliament, the SISA establishes a comprehensive regulatory system for the supervision of trustees, investment managers, and custodians within the superannuation industry, ensuring these entities act in the best interests of their clients. The policy objective of the Act is to maintain high standards of financial and ethical conduct within the superannuation sector, safeguarding the retirement savings of millions of Australians. This is achieved by setting strict criteria for the fitness and propriety of individuals in key roles, including trustees and responsible officers of corporate bodies involved in managing superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and supervision of superannuation entities, which include trustees, investment managers, custodians, and responsible officers of body corporates that manage superannuation funds. The Act's reach is national, applying across the Commonwealth of Australia. The disqualification power under the SISA allows for the exclusion of individuals deemed unfit and improper to manage superannuation funds, ensuring the integrity and stability of the superannuation system. The Act includes provisions for the revocation of disqualifications and avenues for appeal, ensuring procedural fairness to those affected by such decisions. Any subordinate instruments extending or restricting the application of the Act must align with the overarching objectives and provisions of the SISA.
Key Provisions
The notice of disqualification provided to Ms Teresa Catania under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs her that she has been disqualified from being a trustee, investment manager, custodian, or a responsible officer of a body corporate that manages superannuation entities. This disqualification arises from a determination that she is not a fit and proper person for such roles, as per subsection 126A(3) of the SISA. The disqualification becomes effective immediately upon issuance of the notice.
Ms Catania and other affected individuals have certain obligations and requirements under the SISA. Firstly, they must acknowledge the disqualification and its implications for their professional activities within the superannuation industry. Additionally, they may seek reconsideration of the decision within 21 days of receiving the notice, as outlined in section 344 of the SISA. They must provide written reasons for their request for reconsideration to the Commissioner.
The Act imposes a range of penalties and consequences for breaches of its provisions. While the specific penalties for non-compliance with the disqualification order are not detailed in the notice, the SISA generally provides for both civil and criminal penalties. These may include fines and imprisonment for serious offences, reflecting the importance of compliance with the Act’s requirements to ensure the proper management of superannuation funds. The maximum penalties can vary depending on the nature and severity of the breach, but they are designed to deter non-compliance and uphold the integrity of the superannuation system.