Notice of Disqualification - Susan Jane Embrey

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to address issues and gaps in the regulation of the superannuation industry, aiming to protect the interests of superannuation fund members. The legislation was designed to ensure the proper management and supervision of superannuation entities, thereby maintaining the integrity and stability of the superannuation system. The policy objective of the Act is to enforce compliance with standards and to prevent misconduct by those managing superannuation funds, ensuring that trustees, investment managers and custodians act in the best interests of their clients. This disqualification notice under subsection 126A(6) of the Act reflects the Act's purpose by disqualifying individuals found to have contravened the Act's provisions from holding certain positions within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation entities, including trustees, investment managers, custodians, and responsible officers of body corporates that perform these roles. The Act operates within the Commonwealth jurisdiction, ensuring that all entities and individuals under its purview comply with the statutory and regulatory requirements governing the superannuation industry. The Act imposes a disqualification order on Susan Jane Embrey, prohibiting her from acting in the aforementioned capacities due to contraventions of the SISA. This disqualification order is immediate and will remain in effect unless revoked by the delegate of the Commissioner of Taxation or upon written application by the disqualified individual. The Act also mandates the publication of the disqualification details in the Gazette, ensuring transparency and accountability. Furthermore, the Act provides avenues for reconsideration of the disqualification decision by the Commissioner, allowing for a formal review process within 21 days of receiving the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides provisions for the disqualification of individuals from certain roles within superannuation entities. Under section 126A, a delegate of the Commissioner of Taxation may disqualify a person from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that holds such roles, if they are satisfied that the person has contravened the SISA on one or more occasions. The nature, seriousness, and number of these contraventions must justify the disqualification. The obligations imposed by this Act on the parties it governs include adherence to the legislative standards set forth in the SISA. Trustees, investment managers, custodians, and responsible officers must ensure that they comply with all relevant provisions to avoid any actions that might lead to a disqualification. These roles require a high level of fiduciary responsibility and integrity, as breaches can significantly impact the superannuation funds of many individuals. The consequences for breaching the SISA can be severe. Under section 126A, a disqualification order can be made by the delegate of the Commissioner of Taxation. This order prohibits the individual from holding any of the specified roles within the superannuation industry. The disqualification order takes immediate effect upon the issuance of the notice. Furthermore, under section 344 of the SISA, a person who is affected by a disqualification decision and is dissatisfied with it has the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice of the decision, providing reasons for the request. Additionally, the particulars of the disqualification notice will be published in the Gazette as per section 126A(7), and the disqualification order can be revoked by the delegate of the Commissioner of Taxation either on their own initiative or upon written application from the disqualified person under section 126A(5).