Notice of Disqualification – Yvonne Barreto De Beke

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for the regulation and oversight of the superannuation industry in Australia. This legislation was introduced to ensure that superannuation funds are managed efficiently, ethically, and in the best interests of the members, and to provide for the supervision and enforcement of the law in relation to the superannuation industry. The SISA is administered by the Australian Taxation Office, as a delegate of the Commissioner of Taxation, who has 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. The policy objective of the SISA is to maintain the integrity of the superannuation industry and protect the interests of superannuation fund members. In the context of the disqualification notice provided, Yvonne Barreto de Beke has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer or a body corporate that holds such a position, due to contraventions of the SISA. This disqualification is a consequence of the Commissioner of Taxation being satisfied that Ms. de Beke has breached the provisions of the SISA on multiple occasions, providing sufficient grounds for her disqualification. The disqualification notice is published in the Commonwealth Government Notices Gazette and carries a maximum penalty of two years imprisonment if the disqualified person knowingly continues to act in any of the prohibited roles. The disqualification may be subject to revocation by the Commissioner of Taxation, either on the initiative of the Commissioner or upon a written application by the disqualified person. In the event that the disqualified person is unsatisfied with the decision, they may request the Commissioner to reconsider the decision in writing within 21 days of receiving the notice of the decision, outlining the reasons for their dissatisfaction.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, encompassing trustees, investment managers, custodians, and responsible officers of superannuation entities. This Act operates on a national level, regulating the conduct and transactions within the superannuation industry across Australia, impacting both individuals and corporate bodies. The Act's scope is extensive, extending to any person or entity involved in managing superannuation funds, ensuring compliance with the standards set forth by the legislation. The Act also outlines specific exclusions and exemptions where applicable, though these are not detailed in this disqualification notice. The enforcement and application of the Act can be further extended or restricted through subordinate instruments, which may provide additional regulations or clarifications on the provisions of the Act. The disqualification notice issued to Yvonne Barreto de Beke exemplifies the Act's application in addressing contraventions of its provisions, leading to specific penalties and restrictions on the disqualified person's involvement in the superannuation industry.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals who contravene the Act. Section 126A(1) of the SISA allows for the disqualification of individuals who have contravened the Act on one or more occasions, where the number of contraventions provides grounds for disqualification. In this case, Yvonne Barreto De Beke has been disqualified by Emma Rosenzweig, a delegate of the Commissioner of Taxation, under subsection 126A(6) of the SISA. The disqualification notice was issued on 12 April 2023, and the disqualification takes effect immediately. The SISA imposes several obligations on individuals and entities it governs. 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 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 in jail. Additionally, under section 344 of the SISA, if a person is affected by a decision made under the Act and is not satisfied with it, they can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of the decision and must give the reasons why the decision is thought to be wrong. The SISA also provides for the revocation of a disqualification notice. Under subsection 126A(5) of the SISA, the disqualification may be revoked on the initiative of the delegate of the Commissioner of Taxation or on the written application of the disqualified person. Furthermore, under subsection 126A(7) of the SISA, details of the disqualification notice will be published in the Commonwealth Government Notices Gazette. In summary, the SISA provides for the disqualification of individuals who contravene the Act on one or more occasions, where the number of contraventions provides grounds for disqualification. The SISA imposes obligations on individuals and entities it governs, including the requirement that a disqualified person not act as a trustee, investment manager, or custodian of a superannuation entity, or be a responsible officer or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity. The SISA also provides for the revocation of a disqualification notice and the reconsideration of a decision made under the Act. The maximum penalty for committing an offence under the SISA is two years in jail.