NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Niall Bailie Marshall
SANCTUARY COVE QLD 4212
I, Ivan Parrett, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or 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: 4 April 2013
Ivan Parrett
Assistant Commissioner of Taxation
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 was enacted by the Parliament of Australia to address the need for robust regulation and oversight of the superannuation industry. This legislation aims to ensure that superannuation funds are managed responsibly, with the interests of fund members being protected. The Act establishes a framework for the regulation of trustees, investment managers, and custodians of superannuation entities, including provisions for the disqualification of individuals found to have contravened the Act. This legislative measure was introduced to prevent misconduct and ensure the integrity and stability of the superannuation system. The policy objective is to safeguard the financial interests of superannuation fund members by ensuring that those in positions of responsibility within the industry adhere to high standards of conduct and compliance.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration of superannuation entities, including trustees, investment managers and custodians. The Act specifically targets those who contravene its provisions, providing grounds for disqualification from performing roles such as trustees or responsible officers within these entities. The geographic reach of the Act is national, applying across all jurisdictions in Australia. The disqualification provisions outlined in the Act provide a mechanism for ensuring compliance within the superannuation industry by barring individuals with a history of serious contraventions from managing superannuation entities. The Act also allows for the revocation of disqualification orders under certain conditions and provides a process for reconsideration of decisions by affected parties. Exclusions or specific exemptions are not detailed in this particular notice, but the Act's broad application suggests that it encompasses a wide range of conduct and transactions within the superannuation sector, with enforcement and interpretation potentially extended through subordinate instruments or regulations.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) is a critical piece of Australian legislation that governs the operations and management of superannuation funds. Section 126A(6) of the SIS Act provides a mechanism for disqualifying individuals from holding certain positions within superannuation entities, such as trustees or responsible officers, if they have contravened the Act. In this case, Mr Niall Bailie Marshall has been disqualified under subsection 126A(1) of the SIS Act because he is believed to have contravened the Act on one or more occasions, and the nature and seriousness of these contraventions warrant such a decision. The disqualification takes immediate effect on the date of the notice.
The obligations imposed on individuals like Mr Marshall by the SIS Act include adherence to strict compliance standards when managing superannuation entities. As a trustee or responsible officer, Mr Marshall would have been required to ensure that the superannuation fund operates in accordance with the law and the terms of its governing documents, and to act in the best interests of the fund's members. Failure to meet these obligations can lead to the consequences outlined in the Act, including potential disqualification. The Act also mandates that trustees must maintain proper records, act with care and diligence, and report certain matters to the Australian Taxation Office.
In terms of penalties and consequences, the SIS Act imposes both civil and criminal sanctions for breaches. Civil penalties can include substantial fines, and in severe cases, courts may order the disqualification of individuals from managing superannuation funds. The Act also provides for criminal offences, where contraventions can lead to imprisonment, with specific penalties depending on the nature and severity of the offence. For instance, under subsection 126A(6), the disqualification itself is a significant penalty, preventing the individual from participating in the management of superannuation funds. Additionally, subsection 126A(7) mandates that particulars of such disqualification notices be published in the Gazette, ensuring transparency and public accountability.