Federal Court of Australia
Federal Court of Australia
Daly v Australian Securities and Investments Commission [2024] FCAFC 125 Appeal from: Australian Securities and Investments Commission v Daly (Liability Hearing) [2023] FCA 290 and Australian Securities and Investments Commission v Daly (Penalty Hearing) [2024] FCA 3
File number: QUD 53 of 2024
Judgment of: O'CALLAGHAN, MCELWAINE AND JACKMAN JJ
Date of judgment: 24 September 2024
Catchwords: CORPORATIONS – civil penalty proceedings – liability phase – duties of officers of responsible entity of a registered managed investment scheme – whether appellant an officer of the responsible entity – where primary judge held that the contraventions were established – appeal dismissed PRACTICE AND PROCEDURE – application to amend notice of appeal – where proposed contention contrary to admission on the pleadings, contrary to the way in which the proceedings were conducted at first instance, would cause prejudice to the respondent, and is untenable – application dismissed CORPORATIONS – civil penalty proceedings – penalty phase – where primary judge ordered that the appellant be disqualified from managing corporations for five years and pay a pecuniary penalty of $150,000 – whether primary judge erred in exercise of discretion – appeal dismissed
Legislation: Corporations Act 2001 (Cth) s 601FD Evidence Act 1995 (Cth) s 140
Cases cited: Adams v Director of Fair Work Building Industry Inspectorate [2017] FCAFC 228; (2017) 258 FCR 257 Australian Competition and Consumer Commission v Employsure Pty Ltd [2023] FCAFC 5; (2023) 407 ALR 302 Australian Securities and Investments Commission v Linchpin Capital Group Ltd [2018] FCA 1104 Australian Securities and Investments Commission v Linchpin Capital Group Ltd (No 2) [2019] FCA 398 Briginshaw v Briginshaw (1938) 60 CLR 336 Chew v R (1992) 173 CLR 626 Communications, Electrical, Electronic, Energy, Information, Postal, Plumbing & Allied Services Union of Australia v Australian Competition and Consumer Commission [2007] FCAFC 132; (2007) 162 FCR 466 Gunasegaram v Blue Visions Management Pty Ltd [2018] NSWCA 179; (2018) 129 ACSR 265 House v R (1936) 55 CLR 499 Jones v Dunkel (1959) 101 CLR 298 R v Byrnes (1995) 183 CLR 501
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