McLachlan v Australian Securities & Investments Commission [1999] FCA 244

FEDERAL COURT OF AUSTRALIA

McLachlan v Australian Securities & Investments Commission [1999] FCA 244 CORPORATIONS LAW – Securities industry – Securities dealers – Regulatory bodies – Australian Securities and Investments Commission – Banning order on basis of security dealers' duties not performed efficiently, honestly and fairly – Hearing – Whether rules of natural justice require ASIC delegate to give access to all material in possession of ASIC which might cause ASIC delegate to form relevant belief in relation to alleged conduct – Whether rules of natural justice required ASIC delegate to disqualify himself on ground of bias because he had read material which formed basis of decision to hold hearing and because he had been solicitor on record in separate proceeding between ASIC and another party arising out of the security dealing. Administrative Decisions (Judicial Review) Act 1977 (Cth) Corporations Law s 2, s 829, s 830, s 837 Australian Securities and Investments Commission Act 1989 (Cth) s 1(2)(a) and (b), s 57, s 59, s 60, s 102 Russell v Duke of Norfolk [1949] 1 All ER 109 referred Reg. v Commonwealth Conciliation and Arbitration Commission; Ex parte Angliss Group (1969) 122 CLR 546 followed Kioa v West (1985) 159 CLR 550 followed Boucher v Australian Securities Commission (1996) 71 FCR 122 followed Australian Broadcasting Tribunal v Bond (1990) 170 CLR 321 referred Story v National Companies and Securities Commission (1988) 13 NSWLR 661 referred Winter v Australian Securities Commission (1995) 56 FCR 107 distinguished Laycock v Forbes (1997) 25 ACSR 659 referred Minister for Aboriginal Affairs v Peko-Wallsend Limited (1986) 162 CLR 24 referred National Companies and Securities Commission v News Corporation Limited (1984) 156 CLR 296 followed Chu v Minister for Immigration, Local Government and Ethnic Affairs (1993) 45 FCR 540 followed Mahon v Air New Zealand Ltd [1984] AC 808 referred Wiseman v Borneman [1971] AC 297 followed Aboriginal Legal Service Ltd v Australian Securities Commission (1996) 22 ACSR 357 referred Livesey v New South Wales Bar Association (1983) 151 CLR 288 referred R v Watson; ex parte Armstrong (1976) 136 CLR 248 referred Minister for Immigration, Local Government and Ethnic Affairs v Mok (1994) 55 FCR 375 referred Laws v Australian Broadcasting Tribunal (1990) 170 CLR 70 referred MALCOLM BOYD McLACHLAN v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION