Notice of Disqualification - Said Shaqlane - 24 June 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for robust regulation and oversight of the superannuation industry in Australia. The Act was introduced to ensure that superannuation trustees and responsible officers adhere to high standards of conduct and compliance, thereby protecting the interests of superannuation fund members. The Superannuation Industry (Supervision) Act 1993 is administered by the Parliament of Australia, with the aim of maintaining the integrity and stability of the superannuation system. The policy objective of the Act includes safeguarding the financial well-being of superannuation fund members by imposing strict requirements on trustees and responsible officers, and by providing mechanisms for disqualification and penalties in cases of non-compliance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) governs the disqualification of individuals from participating in the management of superannuation entities. The act applies to individuals who are responsible officers of corporate trustees of superannuation entities and extends to the entire Commonwealth of Australia. The act provides that an individual can be disqualified if they are found to be unfit to hold such a position due to contraventions of the act or other grounds that deem them unsuitable. The disqualification is effective immediately upon issuance. Additionally, under the act, it is an offence for a disqualified individual to continue acting in the prohibited capacities, with penalties including up to two years in jail. The act also allows for the disqualification to be revoked either by the Commissioner's initiative or upon application by the disqualified individual. Furthermore, the act stipulates that any individual affected by a disqualification decision may request a reconsideration by the Commissioner within 21 days of receiving the notice. Any disqualification notices are to be published as Notifiable Instruments in the Federal Register of Legislation.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for disqualifying individuals who are responsible officers of corporate trustees of superannuation entities if they are found to be unfit or if the corporate trustee has contravened the Act. Under subsection 126A(6) of the SISA, a delegate of the Commissioner of Taxation, in this case Emma Rosenzweig, can issue a notice of disqualification. Said Shaqlane has been personally notified under this section that he is disqualified from being a trustee or responsible officer due to repeated contraventions of the SISA by the corporate trustee while he was in office, and because he is deemed unfit to hold such a position. The disqualification takes immediate effect upon the issuance of the notice. The Act imposes several obligations and requirements on the parties it governs. Under section 126K, it is a criminal offence for a disqualified person who is aware of their disqualification status to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate that is a trustee, investment manager, or custodian of such an entity. Additionally, under section 344 of the SISA, Said Shaqlane has the right to request a reconsideration of the disqualification decision by the Commissioner if he is unsatisfied with the decision, provided that the request is made in writing within 21 days of receiving the notice. The SISA also stipulates potential penalties and consequences for breaches of the Act. According to section 126K, knowingly acting in a prohibited capacity after being disqualified is a criminal offence, carrying a maximum penalty of two years imprisonment. Furthermore, the disqualification notice issued under subsection 126A(7) of the SISA will be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public notification of the disqualification. Additionally, the disqualification can be revoked under subsection 126A(5) either on the initiative of the Commissioner or upon a written application by Said Shaqlane himself.