Australian Securities and Investments Commission v Mayfair Wealth Partners Pty Ltd [2020] FCA 494

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Mayfair Wealth Partners Pty Ltd [2020] FCA 494 File number: VID 228 of 2020

Judge: ANDERSON J

Date of judgment: 16 April 2020

Catchwords: CONSUMER LAW – misleading and deceptive conduct – false or misleading representations – where regulator alleges statutory contraventions in relation to promotion of financial products by defendants – where regulator applies for interlocutory injunction restraining defendants from promoting, receiving investment in, or issuing, financial products – where defendants offer to make undertaking to Court to cease engaging in certain forms of promotion pending trial –whether serious question to be tried – whether balance of convenience favours grant of injunction – whether interlocutory injunction should be granted Held: interlocutory injunction granted, but in terms different to those proposed by regulator – terms of injunction proposed by regulator would disproportionately impede defendants' business pending trial – injunction granted in a form directed to protecting consumers, not shutting down substantial part of defendants' business

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 1(2), 12DA(1), 12DB(1)(a), 12DB(1)(e), 12GD, 12GD(3), 12GD(5), 12GD(6), 12GD(7) Corporations Act 2001 (Cth) ss 1041H, 1041H(1), 1101B, 1101B(1), 1101B(1)(a), 1101B(5), 1101B(6), 1324, 1324(1), 1324(4), 1324(6), 1324(7), 1324(8) Federal Court of Australia Act 1976 (Cth) s 23 Trade Practices Act 1974 (Cth) Federal Court Rules 2011 (Cth) r 29.07