Notice of Disqualification – Shane Moore - 21 November 2024

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to address the need for regulation and supervision of the superannuation industry to protect the interests of superannuation fund members. This Act was introduced to ensure the proper administration of superannuation funds and to prevent misconduct by those involved in the management of these funds. One of its key provisions is the ability to disqualify individuals who have contravened the Act, as demonstrated in the notice of disqualification issued to Shane Moore. The policy objective behind this disqualification is to deter serious breaches of the Act and to maintain the integrity of the superannuation system. The notice to Shane Moore, issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation, informs him of his disqualification under the Act due to contraventions that warrant such action. The disqualification prohibits him from acting as a trustee, investment manager, or custodian of a superannuation entity, with significant penalties for non-compliance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration of superannuation funds, including trustees, investment managers, and custodians. The Act operates at the Commonwealth level, with its provisions extending across Australia. It targets conduct and transactions related to the management and operation of superannuation entities. The Act includes provisions for disqualifying individuals from participating in the administration of superannuation funds if they have contravened its provisions in a manner deemed serious enough to warrant such action. This notice of disqualification applies specifically to Shane Moore, who has been found to have contravened the Act, leading to his disqualification from acting as a trustee, investment manager, or custodian of a superannuation entity. The disqualification is immediate and enforceable, with potential criminal penalties for non-compliance. The decision to disqualify is made by a delegate of the Commissioner of Taxation and can be subject to review by the Commissioner within 21 days of the notice being issued. Details of this disqualification are to be published as a Notifiable Instrument in the Federal Register of Legislation.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) outlines various provisions for the supervision and regulation of superannuation entities. Section 126A(1) allows for the disqualification of individuals who have contravened the SISA, based on the seriousness of the contraventions. This is the operative section in the notice to Shane Moore, where he has been disqualified by a delegate of the Commissioner of Taxation, Emma Rosenzweig, due to his contraventions of the Act. Section 126A(6) mandates that such disqualifications must be communicated to the individual, as done in the notice to Shane Moore, informing him of the disqualification and its effective date. The Act imposes obligations on disqualified individuals, such as Shane Moore, to refrain from acting or being involved in any capacity with superannuation entities, including as a trustee, investment manager, custodian, or responsible officer. These roles are specifically prohibited under section 126K, which imposes criminal penalties for those who knowingly contravene this prohibition. The severity of the offence is underscored by the potential penalty of up to two years in jail, emphasising the seriousness of these obligations. Additionally, there is a provision for the disqualification to be revoked either by the Commissioner on their own initiative or following a written application by the disqualified person, as outlined in subsection 126A(5). Any breach of these provisions results in criminal consequences. Specifically, section 126K establishes that it is an offence for a disqualified person to act in any of the prohibited capacities within superannuation entities. The penalties for such offences are severe, with the potential for a maximum penalty of two years imprisonment. Furthermore, the disqualification notice itself serves as a public record, with details to be published in the Federal Register of Legislation under subsection 126A(7), ensuring transparency and accountability. For Shane Moore, the notice not only imposes personal legal consequences but also subjects him to public scrutiny.