Notice of Disqualification – Samantha Keane - 9 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a robust framework for the supervision of the superannuation industry in Australia, addressing the need for stringent oversight to protect the interests of superannuation fund members. The SISA was introduced by the Australian Parliament to address gaps in the regulation of superannuation entities, ensuring compliance with legislative standards and safeguarding the financial interests of participants. The Act aims to maintain the integrity of the superannuation system by imposing disqualifications on individuals who contravene its provisions, particularly those who engage in conduct that is serious enough to warrant such action. This legislative measure is critical in upholding the standards of the superannuation industry, ensuring that entities and their representatives adhere to the highest standards of conduct and governance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds within Australia. Specifically, it targets trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a national jurisdictional reach, affecting all superannuation entities operating within Australia, regardless of the state or territory. However, the Act allows for exclusions and exemptions through subordinate instruments which can specify certain conditions under which the Act's provisions might not apply. For instance, certain small APRA-regulated funds may be exempt from some requirements under the SISA. Additionally, the Act empowers the Commissioner of Taxation to disqualify individuals from participating in the administration of superannuation funds if they are found to have contravened the Act. This disqualification includes prohibitions from acting as trustees, investment managers, custodians, or responsible officers, with serious contraventions leading to immediate disqualification. Such disqualifications are not only enforced by the Act but also published as notifiable instruments in the Federal Register of Legislation, ensuring transparency and public awareness.

Key Provisions

The notice of disqualification issued to Samantha Keane under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) indicates that she has been disqualified from certain roles within the superannuation industry. Specifically, subsection 126A(1) of the SISA provides the authority to disqualify an individual who has contravened the SISA, with the decision being made by a delegate of the Commissioner of Taxation. The disqualification takes immediate effect upon the notice being issued. This notice is formal and specifies the grounds for the disqualification, stating that the Commissioner is satisfied Samantha has contravened the SISA on one or more occasions, with the seriousness of the contraventions warranting such action. The SISA imposes several obligations and requirements on the parties it governs. Those involved in the superannuation industry must adhere to the provisions of the SISA, which are designed to ensure the proper management and supervision of superannuation entities. The Act requires trustees, investment managers, custodians, and responsible officers to act with due care and diligence, and to maintain appropriate records and disclosures. Failure to comply with these obligations can result in disciplinary action, including disqualification. The SISA also establishes specific offences and penalties for breaches of its provisions. Under section 126K of the Act, it is an offence for a disqualified person to be, or act as, a trustee, investment manager, custodian, or responsible officer of a superannuation entity, if they know they are disqualified. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the Act treats non-compliance. This provision is particularly relevant to Samantha Keane, who has been disqualified and therefore must avoid engaging in any activities that would breach the Act, under penalty of criminal sanction. Furthermore, subsection 126A(5) of the SISA allows for the disqualification to be revoked either on the initiative of the Commissioner or upon a written application by the disqualified individual. This provides a potential pathway for Samantha to seek reinstatement, although it requires her to demonstrate that the grounds for her disqualification no longer apply. Additionally, section 344 of the SISA provides a mechanism for Samantha to request reconsideration of the decision if she believes it to be unjust. This request must be made in writing within 21 days of receiving the notice and must outline the reasons why she considers the decision to be incorrect.