Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v MobiSuper Pty Ltd [2021] FCA 855 File number: SAD 237 of 2019
Judgment of: JACKSON J
Date of judgment: 27 July 2021
Catchwords: CORPORATIONS - application by Australian Securities and Investments Commission (ASIC) for declaration of contravention of s 912A of the Corporations Act 2001 (Cth) against third defendant - provision of financial services by way of issue of interests in superannuation fund - failure on part of third defendant to do all things necessary to ensure that the relevant financial services were provided efficiently, honestly and fairly - declaration of contravention made PRACTICE AND PROCEDURE - ASIC and third defendant jointly proposing orders on the basis of agreed facts - general principles applicable where parties to regulatory proceedings propose orders by consent - no risk that orders sought would interfere with balance of proceedings against other defendants - proposed orders made substantially in terms sought
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) s 91 Corporations Act 2001 (Cth) ss 761A, 764A, 766A, 766C, 912A, 913B Evidence Act 1995 (Cth) s 191 Federal Court of Australia Act 1976 (Cth) s 21 Superannuation Industry (Supervision) Act 1993 (Cth) ss 10, 29D, 29E, 34C Superannuation (prudential standard) determination No. 3 of 2012, Prudential Standard SPS 231 Outsourcing
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