Australian Securities and Investments Commission v McCormack [2017] FCA 672

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v McCormack [2017] FCA 672 Appeal from: McCormack and Australian Securities and Investments Commission [2016] AATA 1021

File number: VID 6 of 2017

Judge: O'CALLAGHAN J

Date of judgment: 15 June 2017

Catchwords: ADMINISTRATIVE LAW – Appeal from Administrative Appeals Tribunal – where respondent contravened a "financial services law" within the meaning of the Corporations Act 2001 (Cth) – where respondent involved in contravention of a "financial services law" by another person – where delegate of the applicant made a decision under s 920A of the Corporations Act 2001 (Cth) banning the respondent from providing financial services for five years – where Tribunal found contraventions of relevant law occurred but declined to impose banning order – whether Tribunal applied incorrect test, failed to take into account relevant considerations, failed to constructively exercise jurisdiction or failed to accord the applicant procedural fairness – whether Tribunal's decision manifestly unreasonable, illogical and irrational

Legislation: Australian Securities and Investments Commission Act 2001 (Cth), s 1(1)(b) and (2)(b) Corporations Act 2001 (Cth), ss 760A, 920A(1), 1041H(1)

Cases cited: Australian Building and Construction Commissioner v Powell [2017] FCAFC 89 Australian Securities and Investments Commission v Adler [2002] NSWSC 483; 42 ACSR 80 Australian Securities Commission v Kippe (1996) 67 FCR 499 Australian Securities and Investments Commission v Macdonald (No 12) [2009] NSWSC 714; 259 ALR 116 Dranichnikov v Minister for Immigration and Multicultural Affairs [2003] HCA 26; 197 ALR 389 Gillfillan v Australian Securities and Investments Commission [2012] NSWCA 370; 92 ACSR 460 Minister for Immigration and Citizenship v Li (2013) 249 CLR 332 Minister for Immigration and Ethnic Affairs v Wu Shan Liang (1996) 185 CLR 259 NABE v Minister for Immigration & Multicultural & Indigenous Affairs (No 2) (2004) 144 FCR 1 Panganiban v Australian Securities and Investments Commission [2016] FCA 510; 338 ALR 119 Re Howarth and Australian Securities and Investments Commission [2008] AATA 278; 101 ALD 602 Rich v Australian Securities and Investments Commission (2004) 220 CLR 129