Notice of Disqualification - Sandrino Ianni - 13 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues and gaps within the supervision and regulation of the superannuation industry in Australia, ensuring the protection of superannuation funds and the rights of members. The SISA was introduced by the Commonwealth Parliament, with a key policy objective to maintain the integrity and efficiency of the superannuation system. One aspect of this is the power to disqualify individuals who have acted in a manner that breaches the provisions of the SISA, as demonstrated in the notice of disqualification for Sandrino Ianni. The Act empowers the Commissioner of Taxation to disqualify individuals who are responsible officers of corporate trustees that have contravened the Act, ensuring that those who fail to uphold the required standards are prevented from continuing in their roles. This legislative measure aims to safeguard the interests of superannuation fund members by ensuring that only fit and proper persons manage their superannuation funds.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds in Australia, including trustees, investment managers, custodians, and responsible officers of corporate trustees. This act is a Commonwealth legislation that ensures the proper management and supervision of superannuation entities to protect the interests of superannuation fund members. The Act imposes obligations and restrictions on these individuals and entities to maintain high standards of conduct and governance within the superannuation industry. The geographic reach of the Act is national, as it applies across Australia, encompassing all states and territories. The Act's provisions extend to any entity or person involved in the administration of superannuation funds, regardless of where they are located within Australia. There are no specific exclusions or exemptions mentioned in the provided text, although the Act may have other exclusions or exemptions not detailed here. The application of the Act can be extended or restricted through subordinate instruments, which can provide further clarification or impose additional requirements. The notice of disqualification issued under this Act serves as a formal declaration that an individual, such as Sandrino Ianni, is barred from acting in certain capacities related to superannuation entities due to breaches of the Act by the corporate trustee they were associated with.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this notice pertain to the disqualification of Sandrino Ianni as a responsible officer of a corporate trustee, which is detailed in subsection 126A(2) and (6). This disqualification was made due to Sandrino Ianni being a responsible officer at the time when the corporate trustee contravened the SISA, with the seriousness of the contraventions justifying the disqualification. The disqualification takes effect immediately upon its issuance. Furthermore, under subsection 126A(7), this disqualification notice will be published as a notifiable instrument in the Federal Register of Legislation. The Act imposes several obligations and requirements on Sandrino Ianni and other responsible officers of corporate trustees. Primarily, they must ensure that the corporate trustee complies with all the provisions of the SISA. This includes adhering to the regulatory standards set out in the Act, such as maintaining adequate records, providing necessary disclosures, and ensuring the proper management and investment of superannuation funds. Additionally, responsible officers must avoid any actions that could lead to the corporate trustee contravening the SISA, thereby avoiding disqualification. Breaching the provisions of the SISA can result in significant consequences. Under section 126K, it is an offence for a disqualified person, who is aware of their disqualification, to act as a trustee, investment manager, or custodian of a superannuation entity or to be a responsible officer of a body corporate that performs such roles. The maximum penalty for committing this offence is two years imprisonment. Additionally, under subsection 126A(5), the disqualification may be revoked either by the authority on their own initiative or upon written application by Sandrino Ianni. If Sandrino Ianni is not satisfied with the disqualification decision, he can request the Commissioner to reconsider it under section 344 of the SISA. Such a request must be made in writing within 21 days of receiving notice of the decision and must outline the reasons why the decision is deemed incorrect.