NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Romeo Andary
PARRAMATTA NSW 2150
I, James O’Halloran, 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 disqualified you under subsection 126A(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 12 June 2019
James O’Halloran
Deputy Commissioner of Taxation
Per Christiane Boissezon
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to provide a regulatory framework for the supervision of superannuation entities, aiming to ensure that trustees and responsible officers meet high standards of probity and competence. The Act addresses the problem of ensuring the financial security of superannuation funds and protecting the interests of superannuation fund members. In accordance with the policy objectives outlined in the Act, the Commissioner of Taxation has the authority to disqualify individuals deemed unfit to manage superannuation entities. This disqualification process is designed to maintain the integrity and stability of the superannuation system by preventing individuals who are not fit and proper persons from holding positions of responsibility within superannuation entities.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and supervision of superannuation entities in Australia. Specifically, the Act concerns trustees, investment managers, custodians, and responsible officers of superannuation entities, ensuring that these roles are filled by fit and proper persons. The jurisdictional reach of the Act is national, operating under the Commonwealth's purview. It extends to disqualifying individuals who are deemed unfit to manage superannuation entities and imposes penalties for those who continue to act in these roles despite being disqualified. The Act also allows for the disqualification notice to be published in the Commonwealth Government Notices Gazette, providing transparency. Furthermore, the Act includes provisions for the revocation of disqualifications and avenues for reconsideration of the Commissioner’s decisions, ensuring due process and the possibility of rectifying errors.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains several key sections relevant to disqualification of individuals from acting as trustees or responsible officers of superannuation entities. Specifically, subsection 126A(3) permits a delegate of the Commissioner of Taxation to disqualify an individual if they are not considered a fit and proper person for such roles. This is followed by subsection 126A(6) which requires the delegate to provide a written notice of this decision to the disqualified person. The notice must specify the reasons for the disqualification and inform the individual that they have been disqualified from acting in these capacities. In this case, Romeo Andary has been disqualified under these provisions.
The Act imposes several obligations and requirements on both the Commissioner and the disqualified individuals. For the Commissioner, it is necessary to provide a written notice of disqualification, as specified in subsection 126A(6). For the disqualified individual, such as Romeo Andary, the primary obligation is to comply with the disqualification by not acting in the prohibited capacities as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. Additionally, section 126K mandates that it is an offence for a disqualified person who knows of their disqualification to continue to act in these roles, with potential criminal penalties.
Breaching the disqualification provisions can lead to severe consequences. Under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. This offence is punishable by up to two years in jail, as highlighted in Note 2. Furthermore, subsection 126A(7) stipulates that the details of the disqualification notice will be published in the Commonwealth Government Notices Gazette, ensuring transparency and public disclosure of such disqualifications. Disqualified individuals also have the right to request a reconsideration of the decision within 21 days of receiving the notice, as outlined in section 344.