Notice of Disqualification – Touan Srimuang - 27 April 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a framework for the supervision and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members. This legislation was introduced to address the need for a robust regulatory environment to oversee the management and operations of superannuation entities, ensuring compliance with standards designed to safeguard the financial wellbeing of participants. The SISA is administered by the Australian Taxation Office (ATO) under the authority of the Commonwealth Parliament. The policy objective of the SISA is to maintain confidence in the superannuation system by ensuring that superannuation entities are managed efficiently, economically, honestly, and responsibly. In the context of the notice of disqualification issued to Touan Srimuang, the SISA empowers the Commissioner of Taxation to disqualify individuals who have been responsible officers of corporate trustees and have contravened the Act, particularly where the seriousness of the contraventions warrants such action. This mechanism is part of the broader policy objective to deter non-compliance and ensure that those entrusted with the management of superannuation funds adhere to the highest standards of conduct and governance. The disqualification serves both as a punitive measure and a safeguard to protect the interests of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate entities involved in the management and supervision of superannuation funds, including trustees, responsible officers, and investment managers. The geographic reach of the Act extends across the Commonwealth of Australia, impacting entities and persons operating within this jurisdiction. The Act specifically targets serious contraventions that may lead to the disqualification of responsible officers who were in position during the occurrence of such contraventions. The disqualification applies immediately upon issuance and is noted as a notifiable instrument in the Federal Register of Legislation, making it publicly available. Additionally, the Act imposes a criminal offence on disqualified individuals who knowingly act in prohibited capacities, with a potential penalty of up to two years imprisonment. The Act also provides for the potential revocation of disqualification under certain conditions, either by the authority’s initiative or upon written application by the disqualified person. Furthermore, dissatisfied parties have the right to request a reconsideration of the decision within 21 days of receiving the notice, providing an avenue for legal recourse.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for the disqualification of individuals found to have contravened its terms while acting as responsible officers of corporate trustees. Under subsection 126A(2) of the SISA, a person may be disqualified if they were a responsible officer at the time of the contraventions and the seriousness of the contraventions warrants such action. The disqualification notice, as provided in subsection 126A(6), informs the individual that they have been disqualified and the reasons behind this decision. In this instance, Touan Srimuang has been disqualified due to the contravention of SISA by the corporate trustee for which they were a responsible officer. This disqualification takes immediate effect on the date of the notice. Under the SISA, responsible officers and entities governed by the Act have several obligations. Responsible officers must ensure compliance with all provisions of the SISA, which includes maintaining the proper management and administration of superannuation entities. Corporate trustees must also adhere to the Act's requirements, including the proper management and reporting of superannuation funds. Failure to meet these obligations can lead to disciplinary action, including disqualification. The SISA imposes various consequences for breaches of its provisions. Notably, under section 126K of the SISA, 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 of a corporate trustee. The maximum penalty for committing this offence is two years imprisonment, as outlined in Note 2 of the disqualification notice. 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 the disqualified person. If a person is dissatisfied with the disqualification decision, they may request a reconsideration from the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA.