Australian Prudential Regulation Authority v Siminton (No 6) [2007] FCA 1608

FEDERAL COURT OF AUSTRALIA

Australian Prudential Regulation Authority v Siminton (No 6) [2007] FCA 1608

BANKING – Provisions relating to the carrying on of banking business – Where respondent establishes a "country" known as Principality of Camside – Where that country hosted a "bank" referred to as the Terra Nova Cache – Where members of public deposit money in the Terra Nova Cache – Where unlawful for a person other than a body Corporate to carry on banking business unless exemption granted by APRA – Where no such exemption granted to Respondent – Whether the Respondent's conduct constitutes the carrying on of banking business in contravention of s 7 of the Banking Act 1959 (Cth) CONSTITUTIONAL LAW – Preliminary objections to application on Constitutional grounds – Where s 65A of the Banking Act relates to breaches of ss 7 and 66 which are "criminal offences" – Whether alleged breaches of such provisions can be conducted as civil proceedings rather than criminal proceedings CONSTITUTIONAL LAW – Where interlocutory injunction imposed preventing Respondent from dealing with his funds and property – Whether freezing order constitutes an acquisition of property by the Commonwealth other than on just terms PRACTICE AND PROCEDURE – Abuse of process – Whether evidence of collateral purpose – Argument ruled on in earlier judgment REMEDIES – Injunctions – Whether appointment of receiver appropriate – Parties to file submissions on appropriate terms of orders consistent with reasons for judgment WORDS AND PHRASES – "banking business" Australian Prudential Regulation Authority Act 1998 (Cth) s 8 Australian Securities and Investment Commission Act 1989 (Cth) s 12GD Banking Act 1959 (Cth) ss 7, 11, 65A, 66, 69E Constitution ss 51, 80 Corporations Act 2001 (Cth) s 1324 Customs Act 1901 (Cth) s 243E Federal Court of Australia Act 1976 (Cth) ss 23, 57 Financial Sector Legislation Amendment Act (No 1) 2000 s 20 Judiciary Act 1903 (Cth) s 78B Trade Practices Act s 80