NOTICE OF DISQUALIFICATION – Shanza Junaid
Superannuation Industry (Supervision) Act 1993
To:
Shanza Junaid
GARRAN ACT 2605
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(1) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions and the nature of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 4 October 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Pamela Vincent
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate and supervise the superannuation industry in Australia, addressing issues related to the administration, governance, and performance of superannuation entities. The Superannuation Industry (Supervision) Amendment Regulations 2023 (F2023N00371) aim to further refine and enforce the provisions of the SISA. The Act was introduced by the Australian Parliament to ensure the integrity and stability of the superannuation system, protect the interests of superannuation fund members, and promote efficient, honest, and economical administration. This legislation empowers the Commissioner of Taxation to disqualify individuals who have contravened the SISA, with the intent to prevent disqualified persons from assuming roles that could compromise the financial security of superannuation fund members. The policy objective is to maintain high standards of conduct and governance within the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds, specifically targeting trustees, investment managers, and custodians of superannuation entities. The act's jurisdiction is national, operating under the Commonwealth of Australia to ensure compliance and supervision within the superannuation industry. The act provides specific provisions for disqualifying individuals who have contravened its requirements, as evidenced by the notice issued to Shanza Junaid. The disqualification prohibits the disqualified person from acting in certain roles within the superannuation industry, with severe penalties for non-compliance, including imprisonment. The act allows for the disqualification to be revoked under certain conditions, and provides a mechanism for reconsideration of the decision by the Commissioner. Details of the disqualification are to be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public awareness.
Key Provisions
The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) as evidenced in the notice relate primarily to sections 126A and 126K. Section 126A(1) allows for the disqualification of a person who has contravened the SISA, provided that the nature of the contraventions justifies such a disqualification. Section 126A(6) mandates the issuing of a notice of disqualification, as seen in this case with Shanza Junaid, and section 126A(7) requires that these details be published as a Notifiable Instrument in the Federal Register of Legislation. Additionally, section 126K stipulates that it is an offence for a disqualified person to act as a trustee, investment manager or custodian of a superannuation entity, or to be a responsible officer or a body corporate that is a trustee, investment manager or custodian of a superannuation entity, if they are aware of their disqualification.
The Act imposes specific obligations on individuals and entities it governs. It requires that any person found to have contravened the SISA, and who is subsequently disqualified, must refrain from acting in any capacity that involves the management or oversight of superannuation entities. This includes roles such as trustee, investment manager, custodian, responsible officer, or being part of a body corporate in such capacities. Furthermore, section 126A(5) provides the authority for the revocation of disqualification, either on the initiative of the delegate of the Commissioner or upon a written application by the disqualified person.
The Act also delineates severe consequences for breaches, as highlighted in section 126K. The commission of the offence outlined in this section is punishable by up to two years in jail, signifying the gravity of non-compliance with the disqualification. This underscores the importance of adhering to the stipulations set forth by the SISA and the potential legal ramifications for failing to do so. Additionally, section 344 allows for the reconsideration of a decision by the Commissioner if the affected party believes the decision is incorrect, providing a recourse for those who feel aggrieved by the disqualification.