NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MS VIRGINIA PROKOPOWICZ
GEORGES HALL NSW 2198
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(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 3 September 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Gerard Carney
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 (SIS Act) was enacted to provide a regulatory framework for the supervision of the superannuation industry in Australia, addressing issues of financial integrity and ensuring that superannuation entities are managed responsibly and in the best interests of members. The Act was introduced to fill a gap in the regulation of superannuation funds, which were becoming increasingly significant in the Australian financial system. The enacting body was the Commonwealth Parliament, with the overarching policy objective being to protect the retirement savings of Australians by ensuring that superannuation funds are managed with high standards of care, skill, and diligence. This legislative framework includes provisions for the disqualification of individuals who have breached the standards set out in the Act, as evidenced by the disqualification notice issued to Ms Virginia Prokopowicz and Georges Hall under subsection 126A(6) of the SIS Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation entities, specifically targeting trustees, investment managers, custodians, and responsible officers of corporate trustees, investment managers, or custodians within Australia. This legislation extends its reach across the entire Commonwealth, ensuring uniformity in the regulation of the superannuation industry. The disqualification notice provided under this act applies to Ms. Virginia Prokopowicz and Georges Hall, who are being barred from acting in any capacity that involves managing superannuation entities due to contraventions of the SISA. The disqualification is effective immediately upon issuance of the notice. While the act itself sets out the primary conditions for disqualification, its application and specific details may be further defined or extended through subordinate instruments, allowing for more tailored regulatory measures. There are provisions for the disqualification order to be revoked by the delegate or the affected parties, and avenues for reconsideration by the Commissioner are available for those dissatisfied with the decision.
Key Provisions
The notice provided under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Ms Virginia Prokopowicz and Georges Hall that they have been disqualified from being or acting as trustees, investment managers, or custodians of superannuation entities, or as responsible officers of such roles within a corporate body. This decision has been made by Alison Lendon, a delegate of the Commissioner of Taxation, who is satisfied that the individuals have contravened the SIS Act on multiple occasions, with the seriousness of the contraventions justifying the disqualification. This disqualification is effective immediately from the date of the notice, which in this case is 3 September 2014.
The Act imposes certain obligations and requirements on the individuals and entities it governs. Section 126A(1) of the SIS Act outlines the grounds for disqualification, which includes contraventions of the Act. The Act requires trustees, investment managers, and custodians to adhere to strict standards of conduct and compliance, ensuring the protection of superannuation funds. By disqualifying Ms Prokopowicz and Mr Hall, the Act aims to enforce these standards and maintain the integrity of the superannuation industry.
Breaching the provisions of the SIS Act can lead to serious consequences, including disqualification as outlined in this notice. The Act provides for both civil and criminal penalties for non-compliance. While the notice itself does not detail specific penalties, it is clear that contraventions warrant significant repercussions. The Act empowers the Commissioner to revoke the disqualification order if certain conditions are met, such as a written application by the disqualified individual. Moreover, section 344 of the SIS Act allows an affected person to request reconsideration of the decision within 21 days of receiving the notice, giving them an opportunity to contest the decision and provide reasons for reconsideration.