Australian Securities & Investments Commission v Stone Assets Management Pty Ltd [2012] FCA 630

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Stone Assets Management Pty Ltd [2012] FCA 630 Citation: Australian Securities & Investments Commission v Stone Assets Management Pty Ltd [2012] FCA 630

Parties: AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION v STONE ASSETS MANAGEMENT PTY LTD

File number: SAD 277 of 2011

Judge: BESANKO J

Date of judgment: 19 June 2012

Catchwords: CORPORATIONS – where defendant by its website facilitated trading in contracts for difference via online trading platform – whether defendant carrying on financial services business for purposes of s 911A(1) of Corporations Act 2001 (Cth) ("the Act") – whether defendant providing a "financial service" pursuant to Part 7.1 of the Act – where defendant published series of statements on its website concerning the location, history and status of the defendant in terms of its possession of an Australian financial services licence – whether representations misleading and deceptive for purposes of Part 7.10 of the Act – ss 766A(1), 766B(1), 764A(1), 761D, 766C, 1041H, 1041E, 1041F of the Act. CORPORATIONS – relief to be granted – where plaintiff is relevant statutory authority – whether public interest in granting declarations of alleged contravening conduct – whether appropriate to order winding up of defendant on just and equitable grounds pursuant to s 461(1)(k) of the Act – whether appropriate to grant injunctive relief against defendant where defendant subject to winding up order – ss 201A(1), 911A(1), 911C(a), 1308(2) of the Act. Held: the defendant has contravened ss 911A(1), 911C(a), 1041H, 1041F and 1041E of the Act. Orders for declaratory and injunctive relief are appropriate and the defendant must be wound up pursuant to s 461(1)(k) of the Act.