Notice of Disqualification – Susan Buizon

Overview

The Superannuation Industry (Supervision) Act 1993 (SIS Act) was enacted by the Commonwealth Parliament to establish a regulatory framework governing the superannuation industry in Australia, addressing the need for effective oversight and protection of superannuation funds. This Act was introduced to ensure the proper management and administration of superannuation entities, aiming to safeguard the interests of members and beneficiaries by imposing stringent requirements on trustees and other responsible officers. The policy objective is to maintain the integrity and stability of the superannuation system, thereby ensuring that superannuation funds are managed responsibly and in the best interests of those who rely on them for their retirement. This notice of disqualification under the SIS Act serves as a formal notification to Ms Susan Buizon that she has been disqualified from holding the position of a trustee or a responsible officer in a superannuation entity due to contraventions of the Act. The decision to disqualify Ms Buizon was made by Ivan Parrett, a delegate of the Commissioner of Taxation, who is satisfied that the nature and seriousness of the contraventions provide sufficient grounds for the disqualification. This action aims to uphold the standards and compliance within the superannuation industry, reflecting the legislative intent to prevent and address misconduct that could undermine the trust and reliability of superannuation entities.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SIS Act) governs the operation and regulation of the superannuation industry in Australia, and its provisions apply to trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act imposes obligations and standards of conduct on these persons and entities to ensure the proper management and administration of superannuation funds. The disqualification provisions, such as those mentioned in the notice, apply to individuals like Ms Susan Buizon who have contravened the SIS Act, with the potential consequence of being disqualified from holding certain roles within superannuation entities. The jurisdiction of the SIS Act extends across the Commonwealth of Australia, thereby encompassing all states and territories. However, it is worth noting that the Act does not explicitly state exclusions or thresholds for its application; rather, its application is contingent on the specific contraventions identified. The Act's scope may be extended or refined through subordinate instruments, such as regulations or determinations, which provide further detail on particular aspects of the legislation.

Key Provisions

The Notice of Disqualification under the Superannuation Industry (Supervision) Act 1993 (SIS Act) (s 126A) informs Ms Susan Buizon that she has been disqualified from holding any position as a trustee or responsible officer of a body corporate involved in the management or custody of superannuation entities. This decision was made by Ivan Parrett, a delegate of the Commissioner of Taxation, who is satisfied that Ms Buizon has contravened the SIS Act on one or more occasions, with the severity of these contraventions warranting her disqualification. The disqualification becomes effective on the day the notice is issued, which is 18 July 2013. The Act imposes certain obligations on Ms Buizon, including the requirement to cease any involvement with superannuation entities in a fiduciary capacity. Specifically, she is prohibited from acting as a trustee or a responsible officer of any body corporate that functions as a trustee, investment manager, or custodian of superannuation entities. The disqualification is intended to protect the interests of superannuation fund members by ensuring that only individuals of good standing manage these funds. Breach of the disqualification order can lead to significant legal consequences. If Ms Buizon continues to engage in activities that she is disqualified from, she may face both civil and criminal penalties. While the specific penalties are not detailed in the notice, the SIS Act generally provides for substantial fines and potential imprisonment for serious breaches. It is also noteworthy that the details of this disqualification will be published in the Gazette as per subsection 126A(7) of the SIS Act, ensuring transparency and public accountability. Additionally, the Commissioner has the authority to revoke the disqualification order either on their own initiative or upon a written application by Ms Buizon, as stipulated in subsection 126A(5). Furthermore, Ms Buizon has the right to request a reconsideration of the decision within 21 days of receiving the notice, as outlined in section 344 of the SIS Act.