NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Quoc Nguyen
Burwood NSW 2134
I, Karen Wantling, 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 seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 9 January 2013
Karen Wantling
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 (SIS Act) was enacted by the Australian Parliament to address significant governance issues within the superannuation industry, primarily to protect the interests of superannuation fund members by ensuring the industry is managed with integrity and competence. The Act provides a framework for the regulation and supervision of the superannuation industry, with a focus on preventing misconduct and enhancing the accountability of trustees and other responsible officers. The disqualification notice issued to Mr Quoc Nguyen under subsection 126A(6) of the SIS Act is a mechanism to enforce compliance with the Act's stringent standards by barring individuals found to have contravened its provisions from holding positions of responsibility within superannuation entities. This legislative approach aims to maintain the trust and confidence of superannuation members in the system by penalising and deterring malpractice within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the supervision and management of superannuation entities. Specifically, it targets trustees, responsible officers, and other relevant parties within the superannuation industry. The Act has a national reach across Australia, encompassing both Commonwealth and state jurisdictions, and applies to all superannuation funds operating within its scope. The Act includes provisions for disqualification of individuals who contravene its stipulations, as evidenced by the notice issued to Mr Quoc Nguyen for breaches that warranted such a measure. The Act's application is not limited to a specific industry or type of conduct but broadly encompasses any management or administrative roles within superannuation entities. Furthermore, the Act allows for the extension or restriction of its application through subordinate instruments, ensuring its provisions can be adapted to evolving industry standards and practices. Exclusions or exemptions within the Act are narrowly defined, ensuring that the majority of entities and individuals within the superannuation sector remain subject to its regulatory oversight.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) outlines the key provisions for the regulation of superannuation entities in Australia. Section 126A (subsections 126A(6) and 126A(1)) provides the mechanism for disqualifying individuals from acting as trustees or responsible officers of certain superannuation-related entities if they have contravened the Act. In this specific case, Mr Quoc Nguyen has been disqualified by Karen Wantling, a delegate of the Commissioner of Taxation, as she is satisfied that he has contravened the SIS Act on one or more occasions and the seriousness of the contraventions justifies the disqualification. This disqualification takes effect immediately upon the issuance of the notice.
Under the SIS Act, individuals disqualified in this manner are prevented from serving in any capacity that involves the management or oversight of superannuation funds. This includes roles such as trustee, investment manager, or custodian of a superannuation entity. The obligations imposed on disqualified individuals primarily involve ceasing any activities related to the management or administration of superannuation funds. They are legally barred from participating in any capacity that requires them to be involved in the operation of superannuation entities.
The Act also outlines the consequences for non-compliance with the disqualification order. Any attempt by a disqualified individual to continue in their role or to assume similar responsibilities will constitute an offence under the SIS Act. The penalties for such breaches can be significant. While the exact penalties are not detailed in this specific notice, the Act generally provides for both civil and criminal penalties. Civil penalties can include substantial fines, while criminal penalties may involve imprisonment. The specific maximum penalties would be determined by the courts based on the nature and severity of the offence.