Australian Securities and Investments Commission v Ostrava Equities Pty Ltd [2016] FCA 1064

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Ostrava Equities Pty Ltd [2016] FCA 1064 File number: VID 201 of 2015

Judge: DAVIES J

Date of judgment: 1 September 2016

Catchwords: CORPORATIONS – application by Australian Securities and Investments Commission for declarations of contraventions – orders restraining a person from carrying on financial services business – orders disqualifying a person from managing a corporation– providing managed discretionary account services without Australian financial services licence – carrying on a financial services business and providing financial services without holding an Australian financial services licence – providing financial services without providing a financial services guide – providing a defective financial services guide – giving personal advice without providing a statement of advice – dishonest conduct in relation to financial products – misleading and deceptive conduct – false and misleading representations – unlicensed credit activity – failing to retain statements of advice – failing to retain financial records – persons knowingly concerned in contraventions –breach of directors' duty of care and diligence – breach directors' duty of good faith – breach of directors' duty not to improperly use position – breach of duty to act in best interests of the client

Legislation: Australian Securities and Investments Commission Act 2001 (Cth), ss 12DA, 12DB Corporations Act 2001 (Cth) ss 9, 180, 181, 182, 206C, 206E, 286, 461, 464, 763A, 911A, 911B, 941B, 942B, 942C, 946A, 946C, 952E, 961B, 961G, 961Q, 1041G, 1041H, 1101B, 1317E, 1324 Corporations Regulations 2001 (Cth), reg 7.7.09C Federal Court of Australia Act 1976 (Cth), s 21 National Consumer Credit Protection Act 2009 (Cth), s 29