Notice of Disqualification – Shon Leonard Gregory Mayberry - 2 June 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address the need for a robust regulatory framework governing the superannuation industry, aimed at protecting the interests of superannuation fund members. The legislation seeks to ensure that those managing superannuation funds act with integrity and competence, thereby maintaining the stability and trustworthiness of the superannuation system. The SISA provides the Commissioner of Taxation with the authority to disqualify individuals who have breached the provisions of the Act, as demonstrated in the notice of disqualification issued to Shon Leonard Gregory Mayberry on 2 June 2025 by Emma Rosenzweig, a delegate of the Commissioner of Taxation. This action underscores the Act's policy objective to prevent individuals with a history of non-compliance from participating in the administration of superannuation entities, thereby safeguarding the financial well-being of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision of superannuation funds in Australia. Specifically, it targets trustees, investment managers, custodians, responsible officers, and body corporates associated with superannuation entities. The Act's jurisdiction extends across the Commonwealth of Australia, ensuring consistent regulatory oversight nationwide. The Act imposes strict penalties, including disqualification, for those who contravene its provisions. The disqualification process, as evidenced by the notice to Shon Leonard Gregory Mayberry, can be initiated by a delegate of the Commissioner of Taxation when there is a conviction of multiple contraventions. The disqualification restricts the disqualified individual from acting in specified capacities within the superannuation industry, with potential criminal penalties for continued involvement. Additionally, the Act allows for the revocation of disqualifications under certain conditions and provides a mechanism for reconsideration of decisions by the Commissioner. The Act's comprehensive regulatory framework is further enforced by the publication of disqualification notices as Notifiable Instruments in the Federal Register of Legislation.

Key Provisions

The key provisions of the notice revolve around the disqualification of Shon Leonard Gregory Mayberry under the Superannuation Industry (Supervision) Act 1993 (SISA). Under subsection 126A(1) of the SISA, Shon Leonard Gregory Mayberry has been disqualified due to contraventions of the Act, which the delegate of the Commissioner of Taxation, Emma Rosenzweig, is satisfied justifies the disqualification. This disqualification is effective from the date of issuance, which is 2 June 2025. The notice specifies that the details of this disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA, ensuring transparency and public awareness of such disqualifications. The Act imposes certain obligations on Shon Leonard Gregory Mayberry, which primarily involve refraining from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or body corporate that is a trustee, investment manager, or custodian of a superannuation entity, as outlined in section 126K of the SISA. This restriction is crucial to maintain the integrity and proper administration of superannuation entities, ensuring that individuals who have contravened the SISA do not manage or influence superannuation funds. Failure to comply with the disqualification under section 126K of the SISA constitutes an offence, with a maximum penalty of two years in jail. This stringent penalty underscores the seriousness of the Act's provisions and aims to deter individuals from breaching the regulations governing superannuation entities. Additionally, under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner or upon a written application by Shon Leonard Gregory Mayberry. This provision allows for potential reinstatement, provided certain conditions are met. If Shon Leonard Gregory Mayberry is dissatisfied with the disqualification, section 344 of the SISA provides a mechanism for reconsideration. The Commissioner must be requested in writing within 21 days of receiving notice of the decision, outlining the reasons for dissatisfaction. This ensures that the process remains fair and allows for any perceived errors or injustices to be addressed.