Australian Securities and Investments Commission v Forex Capital Trading Pty Limited, in the matter of Forex Capital Trading Pty Limited [2021] FCA 570

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Forex Capital Trading Pty Limited, in the matter of Forex Capital Trading Pty Limited [2021] FCA 570 File number: VID 462 of 2020

Judgment of: MIDDLETON J

Date of judgment: 29 April 2021

Date of publication of reasons: 28 May 2021

Catchwords: CORPORATIONS – admitted contraventions of civil penalty provisions – offer of derivative products – contracts for difference – margin foreign exchange contracts – offering to retail investors in Australia – financial product advice – financial services – where parties jointly proposed agreed relief comprising declarations of contravention, pecuniary penalties and disqualification orders – whether relief sought is appropriate in all the circumstances

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Crimes Act 1914 (Cth) Crimes Amendment (Penalty Unit) Act 2017 (Cth) Evidence Act 1995 (Cth) Federal Court of Australia Act 1976 (Cth) Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth) Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (Cth)

Cases cited: Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union (2018) 262 CLR 157 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015] FCA 330; (2015) 327 ALR 540 Australian Competition and Consumer Commission v Telstra Corporation Ltd (2010) 188 FCR 238 Australian Competition and Consumer Commission v Yazaki Corporation (2018) 262 FCR 243 Australian Competition and Consumer Commission v Cornerstone Investment Aust Pty Ltd (in liq) (No 5) [2019] FCA 1544 Australian Competition and Consumer Commission v Get Qualified Australia Pty Ltd (in liq) (No 3) [2017] FCA 1018 Australian Competition and Consumer Commission v Jones (No 5) [2011] FCA 49 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 250 CLR 640 Australian Competition and Consumer Commission v Quantum Housing Group Pty Ltd [2021] FCAFC 40 Australian Securities and Investments Commission v Adler [2002] NSWSC 483; 42 ACSR 80 Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liquidation) (No 3) (2020) 275 FCR 57 Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liquidation) (No 4) [2020] FCA 1299 Australian Securities and Investments Commission v AMP Financial Planning Pty Ltd (No 2) [2020] FCA 69; 377 ALR 55 Australian Securities and Investments Commission v Camelot Derivatives Pty Ltd (in liq) [2012] FCA 414 Australian Securities and Investments Commission v Cassimatis (No 8) [2016] FCA 1023 Australian Securities and Investments Commission v Flugge and Geary [2016] VSC 779; 342 ALR 1 Australian Securities and Investments Commission v Kobelt (2019) 267 CLR 1 Australian Securities and Investments Commission v Oxford Investments (Tasmania) Pty Ltd (2008) 169 FCR 522 Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 3) [2015] NSWSC 1527 Australian Securities and Investments Commission v Westpac Banking Corporation [2019] FCA 2147 Australian Securities and Investments Commission v Westpac Securities Administration Ltd (2019) 272 FCR 170 BlueScope Steel Limited v The Australian Worker's Union [2019] FCA 182 Butcher v Lachlan Elder Realty Pty Ltd (2004) 218 CLR 592 Cassimatis v Australian Securities and Investments Commission (2020) 275 FCR 533 Chief Executive Officer of the Australian Transaction Reports and Analysis Centre v Westpac Banking Corporation [2020] FCA 1538; 148 ACSR 247 Commonwealth v Director, Fair Work Building Industry Inspectorate (2015) 258 CLR 482 Construction, Forestry, Mining and Energy Union v Cahill [2010] FCAFC 39; 269 ALR 1 Gillfillan v Australian Securities and Investments Commission [2012] NSWCA 370; ACSR 460 Markarian v The Queen (2005) 228 CLR 357 Pearce v The Queen (1998) 194 CLR 610 Registrar of Aboriginal and Torres Strait Islander Corporations v Matcham (No 2) [2014] FCA 27; 97 ACSR 412 Re Hres and Australian Securities and Investments Commission (2008) 105 ALD 124 Rich v Australian Securities and Investments Commission (2004) 220 CLR 129 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2020] FCAFC 20; (2012) 287 ALR 249 Sykes v Reserve Bank of Australia (1998) 88 FCR 511 Trade Practices Commission v CSR Ltd (1991) ATPR 41-076 Unique International College Pty Ltd v Australian Competition and Consumer Commission (2018) 266 FCR 631 Wong v The Queen (2001) 207 CLR 584 Yorke v Lucas (1985) 158 CLR 661