NOTICE OF DISQUALIFICATION – Veton Emini - 9 August 2024
Superannuation Industry (Supervision) Act 1993
To:
Veton Emini
DIAMOND CREEK VIC 3089
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(2) of the SISA.
I’ve disqualified you as I’m satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 9 August 2024
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Pamela Vincent
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation..
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and oversight of the superannuation industry, ensuring the protection of superannuation funds and beneficiaries. This Act was introduced to fill a critical gap in the regulation of superannuation trustees, aiming to safeguard the financial interests of superannuation fund members by establishing a framework for their supervision and compliance. The SISA was enacted by the Commonwealth Parliament, with a policy objective to enhance the integrity and efficiency of the superannuation industry through stringent regulatory measures. The legislation provides the Commissioner of Taxation with the authority to disqualify individuals from performing certain roles within the superannuation sector if they are found to have contravened the provisions of the Act, thereby ensuring accountability and adherence to regulatory standards.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to trustees, investment managers, custodians, and responsible officers of superannuation entities, ensuring the proper administration and management of superannuation funds. The Act has a national reach, applying throughout Australia, and its provisions extend to all superannuation entities, regardless of where they are established or operate. The Act also extends its application through subordinate instruments, which may further define specific obligations or provide additional regulatory measures. Notably, the Act does not specify any exclusions or exemptions for certain entities or individuals, except as provided under its specific provisions. For instance, the Act explicitly prohibits disqualified persons from acting as trustees, investment managers, custodians, or responsible officers of superannuation entities, with serious penalties, including potential imprisonment, for non-compliance. The Act also provides a mechanism for the revocation of disqualifications and offers avenues for reconsideration of decisions by affected parties.
Key Provisions
The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this notice of disqualification include subsection 126A(6) (subsection), which mandates the Commissioner of Taxation or their delegate to provide a disqualified person with written notice of the disqualification, and subsection 126A(2) (subsection), which allows for the disqualification of individuals who were responsible officers of a corporate trustee at the time of the contraventions. The notice informs the disqualified individual, Veton Emini, that they have been disqualified from acting in specified roles related to superannuation entities due to the corporate trustee's contraventions of the SISA.
The Act imposes obligations on Veton Emini, such as refraining from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer of a body corporate that is a trustee, investment manager, or custodian. These obligations are outlined under section 126K (subsection) of the SISA and carry significant penalties if breached. Additionally, the notice includes a provision under subsection 126A(5) (subsection) that allows the disqualification to be revoked either on the initiative of the Commissioner of Taxation or based on a written application by the disqualified individual. Furthermore, section 344 (subsection) provides a recourse for Veton Emini to request a reconsideration of the disqualification decision if they are not satisfied with the outcome.
In the event of a breach of the obligations imposed by the Act, there are serious consequences. According to section 126K (subsection) of the SISA, it is an offence for a disqualified person to act in any capacity that the disqualification prohibits. The maximum penalty for this offence is two years imprisonment. This legal framework is designed to ensure that individuals who have been found to have acted in a manner that warranted disqualification do not continue to manage superannuation entities, thereby protecting the interests of superannuation fund members.