Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liquidation) (No 4) [2020] FCA 1499

Federal Court of Australia

Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liquidation) (No 4) [2020] FCA 1499 File number: VID 126 of 2018

Judgment of: BEACH J

Date of judgment: 16 October 2020

Catchwords: CORPORATIONS – offer of derivative products – contracts for difference – margin foreign exchange contracts – offering to retail investors in Australia – financial product advice – financial services – personal product advice – general product advice – assessment of pecuniary penalties – redress orders – s 1317G of the Corporations Act 2001 (Cth) – ss 12GBA, 12GNB and 12GNC of the Australian Securities and Investments Commission Act 2001 (Cth) – penalties imposed – redress orders made

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12CB, 12DA, 12DB, 12GBA, 12GNB and 12GNC Corporations Act 2001 (Cth) ss 553, 553B, 912A, 916B, 961B, 961G, 961J, 961K, 961L, 961Q, 981H, 991A, 946A, 1041H, 1317E and 1317G Trade Practices Amendment (Australian Consumer Law) Act (No 1) 2010 (Cth) ASIC Client Money Reporting Rules 2017 (Cth) Pt 2.2 Corporations Regulations 2001 (Cth) reg 7.8.03(6)

Cases cited: Australian Competition and Consumer Commission v Geowash Pty Ltd (No 4) (2020) 376 ALR 701 Australian Competition and Consumer Commission v Get Qualified Australia Pty Ltd (in liquidation) (No 3) [2017] FCA 1018 Australian Competition and Consumer Commission v Murray Goulburn Co-Operative Co Limited [2018] FCA 1964 Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liquidation) (No 3) (2020) 380 ALR 27 Australian Securities and Investments Commission v Commonwealth Bank of Australia [2020] FCA 790 Australian Securities and Investments Commission v Westpac Banking Corporation (No 3) (2018) 131 ACSR 585