Cigno Pty Ltd v Australian Securities and Investments Commission [2021] FCAFC 115

Federal Court of Australia

Cigno Pty Ltd v Australian Securities and Investments Commission [2021] FCAFC 115 Appeal from: Cigno Pty Ltd v Australian Securities and Investments Commission [2020] FCA 479

File number: NSD 531 of 2020

Judgment of: YATES, WIGNEY AND BANKS-SMITH JJ

Date of judgment: 29 June 2021

Catchwords: CORPORATIONS - appeal from decision of primary judge dismissing application for judicial review - product intervention orders under Part 7.9A of Corporations Act 2001 (Cth) - where Australian Securities and Investments Commission may make product intervention order to reduce risk of significant detriment to retail clients resulting from class of financial product - product intervention order made where financial product used in conjunction with collateral agreement - statutory interpretation - whether significant detriment to be considered having regard to context in which financial product used - whether class must have more than one current member ADMINISTRATIVE LAW - whether ASIC's state of satisfaction of significant detriment resulting from financial product lawfully formed - whether ASIC's state of satisfaction related to class of financial product

Legislation: Acts Interpretation Act 1901 (Cth) ss 13, 15AB Australian Securities and Investments Commission Act 2001 (Cth) s 12BAA, Part 2, Division 2 Corporations Act 2001 (Cth) ss 11, 15, 760A, 1023A, 1023B, 1023D, 1023E, 1023F, 1023L, Part 7.9A National Consumer Credit Protection Act 2009 (Cth) Schedule 1 (National Credit Code) s 6 Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (Cth)