Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Westpac Banking Corporation (No 3) [2018] FCA 1701 File number(s): VID 282 of 2016
Judge(s): BEACH J
Date of judgment: 9 November 2018
Catchwords: CORPORATIONS – Pecuniary penalty – declarations of contraventions – compliance program – bank bill market – trading in prime bank bills – Bank Bill Swap Reference rate (BBSW) – bank accepted bill futures – interest rate swaps – cross-currency swaps – market manipulation – artificial price in traded BBSW referenced products – financial market – false or misleading appearance in a market – false or misleading appearance with respect to price for trading – unconscionable conduct – financial instruments referencing BBSW – non-disclosure of rate set trading practice to counterparties – statutory unconscionability – contraventions of the then s 12CC of Australian Securities and Investments Commission Act 2001 (Cth) – penalty imposed – declarations and other orders made
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12CA, 12CB, 12CC, 12GBA, 12GLA Corporations Act 2001 (Cth) ss 912A(1)(a), (c), (ca) and (f), 1041A, 1041B, 1101B(1), (4) Crimes Act 1914 (Cth) s 4AA(1) Trade Practices Amendment (Australian Consumer Law) Bill 2009 (Cth)
Cases cited: ACCC v Dataline.net.au Pty Ltd (2006) 236 ALR 665; [2006] FCA 1427 ACCC v Get Qualified Australia Pty Ltd (No 2) [2017] FCA 709 Ainsworth v Criminal Justice Commission (1992) 175 CLR 564 Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union (2018) 351 ALR 190 Australian Competition and Consumer Commission (ACCC) v ACN 117 372 915 Pty Ltd (in liq) (Formerly Advanced Medical Institute Pty Ltd) (2015) 331 ALR 76 Australian Competition and Consumer Commission v Cement Australia Pty Ltd [2017] FCAFC 159 Australian Competition and Consumer Commission v Get Qualified Australia Pty Ltd (No 3) [2017] FCA 1018 Australian Competition and Consumer Commission v Hillside (Australia New Media) Pty Ltd trading as Bet365 (No 2) [2016] FCA 698 Australian Competition and Consumer Commission v Leahy Petroleum Pty Ltd (No 3) (2005) 215 ALR 301 Australian Competition & Consumer Commission v Renegade Gas Pty Ltd (trading as Supagas NSW) [2014] ATPR 42-485; [2014] FCA 1135 Australian Competition and Consumer Commission v Virgin Mobile Australia Pty Ltd (No 2) [2002] FCA 1548 Australian Competition & Consumer Commission v Z-Tek Computer Pty Ltd (1997) 78 FCR 197 Australian Securities and Investments Commissions v Commonwealth Bank of Australia (2018) 128 ACSR 289; [2018] FCA 941 Australian Securities and Investments Commission v National Australia Bank Ltd (2017) 123 ACSR 341 Australian Securities and Investments Commission v Superannuation Warehouse Australia Pty Ltd (2015) 109 ACSR 199; [2015] FCA 1167 Australian Securities and Investments Commission v Westpac Banking Corporation (No 2) (2018) 127 ACSR 110; [2018] FCA 751 Commonwealth v Director, Fair Work Building Industry Inspectorate (2015) 258 CLR 482 at [55] Construction, Forestry, Mining and Energy Union v Cahill (2010) 269 ALR 1 Forster v Jododex Australia Pty Ltd (1972) 127 CLR 421 Markarian v The Queen (2005) 228 CLR 357 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 Trade Practices Commission v CSR Ltd [1991] ATPR 41-076
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