Notice of Disqualification – Sarwar Hasan - 25 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address issues within the superannuation industry, particularly ensuring the proper management and regulation of superannuation funds to protect the interests of superannuation members. The Act was introduced to fill the gap in regulatory oversight that could lead to mismanagement, fraud, and other malpractices within superannuation entities. One of the key provisions of the SISA is the power to disqualify individuals who have acted in a manner that warrants such action, as evidenced in the notice to Sarwar Hasan, who has been disqualified under subsection 126A(2) of the Act due to the contraventions by the corporate trustee of superannuation entities for which he was a responsible officer. The policy objective of the SISA is to maintain the integrity and stability of the superannuation system by ensuring compliance and accountability among trustees and other responsible officers.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) governs the disqualification of individuals who have been responsible officers of corporate trustees of superannuation entities found to have contravened the Act. The Act applies to individuals such as Sarwar Hasan, who, at the time of the contraventions, were responsible officers of the corporate trustee and are disqualified based on the seriousness of the contraventions. The jurisdiction of this Act is national, as it is a Commonwealth statute, and it extends its reach across Australia to regulate and supervise the superannuation industry. The Act includes provisions for the publication of disqualification notices, such as the one issued to Sarwar Hasan, as Notifiable Instruments in the Federal Register of Legislation. Additionally, the Act stipulates that disqualified persons who act as trustees, investment managers, or custodians of superannuation entities, or as responsible officers, commit an offence with potential penalties including up to two years in jail. The Act also provides mechanisms for the revocation of disqualification and avenues for reconsideration of such decisions.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to the disqualification of Sarwar Hasan are sections 126A(2), 126A(6), and 126A(7). Section 126A(2) allows for the disqualification of an individual if there is evidence that the corporate trustee of one or more superannuation entities has contravened the SISA and the individual was a responsible officer at the time of the contraventions. Section 126A(6) requires that notice of such disqualification must be given to the person, as it was for Sarwar Hasan, and section 126A(7) mandates that details of this disqualification notice be published as a Notifiable Instrument in the Federal Register of Legislation. The obligations imposed by the SISA on parties or entities it governs include ensuring compliance with the Act to avoid potential disqualification of responsible officers. In Sarwar Hasan's case, the legislation imposes the obligation on him to refrain from acting or being involved in any capacity that requires a valid trustee, investment manager, or custodian qualification within the superannuation industry. This disqualification is effective immediately upon the notice being issued, and Sarwar Hasan is legally bound to adhere to this prohibition. The SISA provides for specific offences and penalties for breaches. Section 126K of the SISA criminalises the act of a disqualified person knowingly being, or acting as, a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or body corporate in such roles. The maximum penalty for this offence is imprisonment for up to two years. This serves as a deterrent against non-compliance and ensures that individuals who are disqualified maintain the standards expected of them within the superannuation industry. Additionally, the SISA includes provisions for the potential revocation of the disqualification. According to subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner of Taxation or upon the written application of the disqualified person, in this case, Sarwar Hasan. This offers a potential pathway for reinstatement if certain conditions are met. Finally, section 344 of the SISA provides for a reconsideration process, allowing Sarwar Hasan to request a review of the disqualification decision if he believes it to be incorrect, provided that the request is made in writing within 21 days of receiving the notice.