Mayfair Wealth Partners Pty Ltd v Australian Securities and Investments Commission [2022] FCAFC 170

Federal Court of Australia

Mayfair Wealth Partners Pty Ltd v Australian Securities and Investments Commission [2022] FCAFC 170 Appeal from: Australian Securities and Investments Commission v Mayfair Wealth Partners Pty Ltd (No 2) [2021] FCA 247; Australian Securities and Investments Commission v Mayfair Wealth Partners Pty Ltd [2021] FCA 1630

File number: VID 36 of 2022

Judgment of: JAGOT, O'BRYAN AND CHEESEMAN JJ

Date of judgment: 10 October 2022

Catchwords: CORPORATIONS — appeal against findings of misleading and deceptive conduct arising from promotion of investment products — where appellants did not appear at first instance — no error in primary judge's findings of contraventions or assessment of witnesses — judge's discretionary assessment of penalty open although higher than penalty suggested by ASIC — broad injunction against publication of material set aside — appeal otherwise dismissed

Legislation: Acts Interpretation Act 1901 (Cth) ss 2, 7 Australian Securities and Investments Commission Act 2001 (Cth) ss 12BAA(1)(a)–(b), 12BAB(1)(b), 12BAB(7)(b), 12BB(1)–(2), 12DA(1), 12DB(1)(a), 12DB(1)(e), 12GBA, 12GBB, 12GBCA(2), 12GD, 327 Corporations Act 2001 (Cth) ss 553B(1), 708(8), 761G(4), 766C(1)(b), 769C, 1041H(1), 1041H(2)(a) Evidence Act 1995 (Cth) ss 76, 79, 80, 91, 135, 140 Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth) Treasury Laws Amendment (2019 Measures No 3) Act 2020 (Cth) Sch 3 Federal Court Rules 2011 (Cth) rr 30.21(1)(b)(i), 39.05(a), 39.05(e) Explanatory Memorandum, Treasury Laws Amendment (2019 Measures No 3) Bill 2019 (Cth) Uniform Civil Procedure Rules 2005 (NSW) r 29.7