NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To: Ms Vanny Theuy
NOBLE PARK VIC 3174
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 made a decision to disqualify you from being, or acting as:
a trustee, investment manager or custodian of a superannuation entity
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(3) of the SISA 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 order takes effect on the day on which this notice is made.
Dated 7 October 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Grivell
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the 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 enacted by the Parliament of Australia to regulate the superannuation industry, ensuring the protection of superannuation funds and beneficiaries. The Act was introduced to address issues related to the mismanagement and improper conduct of trustees, investment managers, and custodians within the superannuation sector. This was intended to safeguard the retirement savings of Australians by imposing stringent standards on the individuals and entities responsible for managing these funds. The policy objective of the SISA is to maintain the integrity and reliability of the superannuation system by ensuring that only fit and proper persons are involved in the administration of superannuation entities. The Act empowers the Commissioner of Taxation to disqualify individuals from performing certain roles if they are deemed unfit, thereby protecting the interests of superannuation fund members and beneficiaries.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation entities, including trustees, investment managers, custodians, and responsible officers of body corporates. This legislation is of Commonwealth reach, affecting those who engage in the superannuation industry across Australia. The Act aims to ensure that these roles are held by fit and proper persons, thereby protecting the interests of superannuation fund members. The disqualification of Ms Vanny Theuy under subsection 126A(3) of the SISA indicates that she has been deemed not fit and proper to hold any supervisory role in the superannuation industry, a decision that is effective immediately upon the issuance of the notice. The Act also provides avenues for revocation of such disqualification and for reconsideration of the decision by the Commissioner if the affected party is dissatisfied with the outcome. The scope of the Act is further extended through subordinate instruments, which may specify additional conditions or details regarding the disqualification process.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides the framework for regulating the superannuation industry in Australia. Under this Act, specific provisions allow for the disqualification of individuals deemed unfit to manage superannuation entities. Section 126A(6) requires that a delegate of the Commissioner of Taxation must notify an individual, in this case Ms Vanny Theuy, if they are disqualified from being a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer of a corporate body holding these roles. This disqualification is effective immediately upon the issuance of the notice, as per the terms of the notice provided to Ms Theuy on 7 October 2014.
The Act imposes several obligations on individuals and entities within the superannuation industry. Trustees, investment managers, custodians, and responsible officers must maintain a standard of fitness and propriety as determined by the Commissioner of Taxation. Any breach of these standards can result in disqualification under subsection 126A(3) of the SISA. This disqualification means the individual can no longer perform the specified roles within the superannuation industry. Additionally, under subsection 126A(7), details of the disqualification must be published in the Gazette to ensure transparency.
The SISA also outlines potential consequences for non-compliance. Disqualification is a significant penalty, preventing the disqualified individual from participating in the management of superannuation entities. There are also provisions for the revocation of the disqualification order. Under subsection 126A(5), the disqualification can be revoked either by the Commissioner on their own initiative or following a written application from the disqualified person. If Ms Theuy is dissatisfied with the decision, she has the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice, as per section 344 of the SISA. Failure to adhere to these provisions may lead to further legal or administrative consequences.