Notice of Disqualification - Steven Hasanoff - 6 May 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the administration of superannuation funds in Australia, aiming to protect the interests of superannuation fund members. This legislation was introduced to address the problem of ensuring that those involved in managing superannuation funds adhere to high standards of conduct and compliance, thereby safeguarding the financial well-being of fund members. The Act was enacted by the Australian Parliament, with a policy objective to maintain the integrity and stability of the superannuation system by imposing rigorous oversight and regulatory measures. The Act includes provisions for disqualifying individuals found to have contravened its requirements, ensuring that those who fail to comply with the stringent standards are prevented from continuing to manage superannuation funds.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds within Australia, encompassing trustees, investment managers, custodians, and responsible officers of superannuation entities. The act operates on a national level, exerting its jurisdiction across the Commonwealth of Australia, thereby affecting the entire superannuation industry. The Act’s scope is further defined by specific exclusions and exemptions, which are not detailed in the notice but are typically outlined within the broader legislative framework. Notably, the act allows for the extension and restriction of its application through subordinate instruments, thereby providing flexibility in enforcement and compliance. The disqualification notice issued under the Act signifies that the person named, Steven Hasanoff, is barred from acting in certain capacities within the superannuation industry due to breaches of the Act, with the disqualification becoming effective immediately upon issuance. This notice also serves to inform the public of the disqualification, thereby maintaining transparency and accountability within the industry.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides key mechanisms for supervising and regulating the superannuation industry in Australia. Section 126A(1) allows for the disqualification of individuals found to have contravened the Act, while subsection 126A(6) mandates that the delegate of the Commissioner of Taxation must give notice of this disqualification to the affected individual, as seen in the notice provided to Steven Hasanoff (subsection 126A(7)). This notice informs the individual of the grounds for disqualification, which, in this case, is based on the seriousness of the contraventions committed by Steven Hasanoff. The disqualification takes effect immediately upon the issuance of the notice. Under the SISA, Steven Hasanoff is subject to certain obligations and requirements once disqualified. Notably, section 126K imposes strict prohibitions on disqualified individuals. If Steven Hasanoff knowingly engages in activities such as being a trustee, investment manager, or custodian of a superannuation entity, or acting as a responsible officer of a body corporate that serves in these roles, it constitutes an offence under the Act. This prohibition underscores the importance of compliance with the Act to avoid legal repercussions. Failure to adhere to the provisions of the SISA can lead to significant consequences. As per section 126K, the maximum penalty for such an offence is two years imprisonment. This highlights the seriousness with which the Act treats non-compliance, particularly for individuals who have been disqualified. Additionally, the Act provides for the possibility of disqualification revocation under subsection 126A(5). This can occur either at the initiative of the delegate of the Commissioner of Taxation or through a written application by the disqualified person. Furthermore, if Steven Hasanoff is unsatisfied with the disqualification decision, section 344 allows him to request the Commissioner to reconsider the decision within 21 days of receiving the notice. This reconsideration request must be in writing and detail the reasons why the decision is deemed incorrect.