Notice of Disqualification – Petro Calligas - 27 November 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to ensure that superannuation funds are managed efficiently, economically, honestly and in the best interests of members. This legislation was introduced by the Commonwealth Parliament to address the need for a robust regulatory framework governing the management and supervision of superannuation funds in Australia. The policy objective of the SISA is to protect the interests of superannuation fund members by imposing certain obligations on trustees, investment managers, and custodians, and by providing for the disqualification of individuals who have breached these obligations. In this context, the Act aims to maintain the integrity of the superannuation system and ensure that those who manage these funds act in the best interests of their members. The disqualification of Petro Calligas under subsection 126A(2) of the SISA exemplifies the Act’s role in enforcing compliance and penalising serious breaches of superannuation laws.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees within the superannuation industry, encompassing entities and individuals who manage or oversee superannuation funds. The act has a national reach as it is a Commonwealth legislation, thereby affecting trustees, investment managers, and custodians across Australia. The disqualification provision under subsection 126A(2) of the SISA applies when a responsible officer is involved in contraventions of the Act, with the seriousness of these contraventions warranting such action. The geographic and jurisdictional scope is not limited to a specific state or territory but is applicable nationwide. There are no specific exclusions or exemptions mentioned in the provided text, and the disqualification extends to anyone found to be a disqualified person under the Act. Additionally, the disqualification can be subject to revocation as per subsection 126A(5) of the SISA. The Act also allows for subordinate instruments to provide further detail or extend its application, ensuring comprehensive regulation of the superannuation industry.

Key Provisions

The notice of disqualification provided to Petro Calligas under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs him that he has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager, or custodian of a superannuation entity. This decision was made because it is believed that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and Petro Calligas was a responsible officer at the time of these contraventions. The disqualification takes immediate effect upon the issuance of the notice. In terms of obligations, the Act imposes several duties on the parties involved. Firstly, responsible officers of corporate trustees must ensure compliance with the SISA to avoid disqualification. They must also act with due care and diligence in their roles, upholding the standards set forth by the legislation. Additionally, any contraventions by the corporate trustee must be reported and rectified to prevent further breaches. The Act also mandates that any disqualified person refrain from acting in the prohibited roles, as specified in section 126K. The SISA sets out clear penalties and consequences for breaches of its provisions. According to section 126K, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate performing these roles. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the Act treats such contraventions. The disqualification can also be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7), ensuring transparency and accountability. Furthermore, section 344 of the SISA provides a mechanism for reconsideration of the disqualification decision. If Petro Calligas is affected by the decision and believes it to be incorrect, he can request the Commissioner to reconsider it. This request must be made in writing within 21 days of receiving the notice and must include the reasons why the decision is thought to be wrong. Additionally, under subsection 126A(5) of the SISA, the disqualification may be revoked either on the initiative of the relevant authority or upon Petro Calligas’s written application.