Australian Securities and Investments Commission v One Tech Media Ltd [2020] FCA 46

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v One Tech Media Ltd [2020] FCA 46 File number: VID 848 of 2016

Judge: DAVIES J

Date of judgment: 5 February 2020

Catchwords: CORPORATIONS – binary options trading offered through websites – whether "financial services business" carried on in Australia – whether Australian financial services licence required – s 911A of Corporations Act 2001 (Corporations Act) contravened – meaning of "arranging for" issue of financial product in s 766C(2) of Corporations Act – whether provision of paying agency services constituted "arranging for" issue of binary options – meaning of "provide a custodial or depository service" under s 766E of Corporations Act – whether money may be a "facility" for the purpose of s 763A(1) of the Corporations Act – failure to issue product disclosure statement when offering to issue financial product – s 1012B(3) of Corporations Act contravened – false statements, misleading or deceptive conduct and dishonest conduct – ss 1041H, 1041E and 1041G of the Corporations Act – unconscionable conduct under s 12CB(1) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) – application of factors in s 12CC(1) of ASIC Act

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12BAA, 12BAB, 12CA, 12CB, 12CC(1) Corporations Act 2001 (Cth) ss 206E, 761D, 761E(3), 761G(1), 761GA, 762C, 763A(1), 763B, 764A(1)(c), 766A(1), 766C, 766E, 911A, 911D, 1010C(2)(a), 1011B, 1012B(3), 1041E, 1041G, 1041H Corporations Regulations 2001 (Cth) sub-regs 7.1.04, 7.1.40(1)(c) Excise Tax Act (1985) (CA) s 123(1) Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (UK) arts 25, 26