Australian Securities and Investments Commission v Hochtief Aktiengesellschaft [2016] FCA 1489

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Hochtief Aktiengesellschaft [2016] FCA 1489 File number(s): NSD 160 of 2016

Judge(s): WIGNEY J

Date of judgment: 8 December 2016

Catchwords: CORPORATIONS – insider trading prohibition – where a corporation procured another corporation to acquire shares while in possession of inside information – elements of the insider trading prohibition – declaration of contravention – pecuniary penalty order – principles to be applied in determined an appropriate penalty

Legislation: Corporations Act 2001 (Cth), Sch 3, ss 1042A, 1042D, 1043A(1)(d), 1311(1), 1317G(1A), 1317G(1A)(c)(iii) Federal Court of Australia Act 1976 (Cth), s 21 Evidence Act 1995 (Cth), s 191

Cases cited: Australian Competition and Consumer Commission v AGL South Australia Limited (2015) 146 ALD 385 Australian Competition and Consumer Commission v Apple Pty Limited [2012] FCA 646 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015] FCA 330 Australian Competition and Consumer Commission v Construction, Forestry, Mining and Energy Union [2006] FCA 1730 Australian Competition and Consumer Commission v Leahy Petroleum Pty Ltd (No 3) [2005] FCA 265 Australian Competition and Consumer Commission v MSY Technology Pty Ltd No 2 [2011] FCA 382 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 250 CLR 640 Australian Securities and Investments Commission v Adler (No 5) [2002] NSWSC 483 Australian Securities and Investments Commission v GE Capital Finance Australia [2014] FCA 701 Australian Securities and Investments Commission v Petsas [2005] FCA 88 Australian Securities and Investments Commission v Southcorp Ltd (2003) 130 FCR 406 Australian Securities and Investments Commission, in the matter of Chemeq Limited (ACN 009 135 264) v Chemeq Limited (ACN 009 135 264) [2006] FCA 936 Barbaro v R (2014) 253 CLR 58 Commonwealth v Director, Fair Work Building Industry Inspectorate [2015] HCA 46 Forster v Jododex Australia Pty Limited (1972) 127 CLR 421 Fysh v R [2013] NSWCCA 284 Hannes v Director of Public Prosecutions (Cth) (No 2) [2006] NSWCCA 373 Markarian v The Queen (2005) 228 CLR 357 Minister for Environment, Heritage and the Arts v PGP Developments Pty Ltd (2010) 183 FCR 10 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 R v Doff [2005] NSWCCA 119 R v Farris [2015] WASC 251 R v Firns (2001) 51 NSWLR 548 R v Fysh (No 4) [2012] NSWSC 1587 R v Hannes [2000] NSWCCA 503 R v Rivkin [2003] NSWSC 447 R v Rivkin [2004] NSWCCA 7 R v Zhu [2013] NSWSC 127 Re Idylic Solutions Pty Ltd; Australian Securities and Investments Commission v Hobbs [2013] NSWSC 106 Rivkin Financial Services Ltd v Sofcom Ltd [2004] FCA 1538 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20 Tobacco Institute of Australia Limited v Australian Federation of Consumer Organisations Inc (No 2) (1993) 41 FCR 89 TPG Internet Pty Ltd v Australian Competition and Consumer Commission (2012) 210 FCR 277 Trade Practices Commission v CSR Ltd [1990] FCA 521 Trade Practices Commission v Stihl Chain Saws (Aust) Pty Ltd (1978) ATPR 40-091 Yorke v Lucas (1985) 158 CLR 661