Australian Securities and Investments Commission v Fuelbanc Australia Limited [2007] FCA 960

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Fuelbanc Australia Limited [2007] FCA 960 CORPORATIONS – managed investment schemes– financial services business – scheme in which participants subscribe barter units and Australian currency in return for debit card providing weekly credits for fuel purchase at service stations – defendant SMcD formulated and managed scheme – scheme not registered – no Australian financial services licence Held: 1. Scheme a managed investment scheme and a financial services business; 2. Body corporate exclusion to managed investment scheme definition not applicable; 3. Defendant SMcD, as well as corporate defendants, was operating scheme and providing financial services; 4. Declaration should be made notwithstanding future criminal proceedings possible. Corporations Act 2001 (Cth)ss 9, 601EB, 601ED, 601EE, 761A, 761E, 763A, 763B, 766A, 766C, 911A, 1101B, 1324 Federal Court of Australia Act 1976 (Cth) s 21

Australian Securities and Investments Commission v McDougall (2006) 229 ALR 158 cited Hickman v Kent or Romney Marsh Sheep Breeders' Association [1915] 1 Ch 881 cited Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561 cited Australian Securities and Investments Commission v McNamara (2002) 42 ACSR 488 cited Australian Securities and Investments Commission v Intertax Holdings [2006] QSC 276 not followed Ainsworth v Criminal Justice Commission (1992) 175 CLR 564 cited Tobacco Institute of Australia Limited v Australian Federation of Consumer Organisations Inc (No 2) (1993) 41 FCR 89 cited Clough v Ratcliff (1847) 1 De G & Sm 164 cited Sankey v Whitlam (1978) 142 CLR 1 cited Australian Softwood Forest Pty Ltd v Attorney-General (NSW) (1981) 148 CLR 121 cited Corporate Affairs Commission (NSW) v Transphere Pty Ltd (1988) 15 NSWLR 596 followed Imperial Tobacco Limited v Attorney-General [1981] AC 718 cited Australian Securities and Investments Commission v. Atlantic 3 Financial (Aust) Pty Ltd [2006] QCA 540 cited Australian Securities and Investments Commission v PFS Business Development Group Pty Ltd (2006) 57 ACSR 553 cited Australian Securities and Investments Commission v Preston [2005] FCA 1805 cited Australian Securities and Investments Commission v Drury Management Pty Ltd [2004] QSC 68 cited Australian Securities and Investments Commission v Young (2003) 21 ACLC 655 cited Australian Securities and Investments Commission v Hutchings (2001) 19 ACLC 1454 cited Australian Securities and Investments Commission v Sweeney [2001] NSWSC 114 cited BMI Limited v Federated Clerks Union of Australia (1983) 51 ALR 401 cited Russian Commercial & Industrial Bank v British Bank for Foreign Trade Ltd [1921] 2 AC 438 cited Forster v Jododex Australia Pty Limited (1972) 127 CLR 421 cited Wallersteiner v Moir [1974] 1 WLR 991 cited Zamir and Woolf, The Declaratory Judgment, 2nd Edition, 1993 AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v FUELBANC AUSTRALIA LIMITED VID 785 OF 2006