Australian Securities and Investments Commission v Westpac Securities Administration Limited, in the matter of Westpac Securities Administration Limited [2021] FCA 1008

Federal Court of Australia

Australian Securities and Investments Commission v Westpac Securities Administration Limited, in the matter of Westpac Securities Administration Limited [2021] FCA 1008 File number: NSD 2204 of 2016

Judgment of: O'BRYAN J

Date of judgment: 23 August 2021

Publication of reasons: 9 September 2021

Catchwords: BANKING AND FINANCIAL INSTITUTIONS – enforcement and remedies – pecuniary penalties for contraventions of s 961K of the Corporations Act 2001 (Cth) – penalties sought by plaintiff not opposed by defendants – whether quantum of penalty appropriate

Legislation: Corporations Act 2001 (Cth) ss 961B, 961K, 1317G(1E)

Cases cited: Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union (2017) 254 FCR 68 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 1405 Australian Competition and Consumer Commission v Reckitt Benckiser (Australia) Pty Ltd [2016] FCAFC 181; 340 ALR 25 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 250 CLR 640 Australian Competition and Consumer Commission v Yazaki Corporation (2018) 262 FCR 243 Australian Securities and Investments Commission v Adler [2002] NSWSC 483; 42 ACSR 80 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 BT Funds Management Limited [2021] FCA 844 Australian Securities and Investments Commission v Dover [2021] FCA 170; 150 ACSR 185 Australian Securities and Investments Commission v MLC Nominees Pty Ltd [2020] FCA 1306; 147 ACSR 266 Australian Securities and Investments Commission v Westpac Banking Corp [2019] FCA 2147 Australian Securities and Investments Commission v Westpac Banking Corporation (No 3) [2018] FCA 1701; 131 ACSR 585 Australian Securities and Investments Commission v Westpac Securities Administration Ltd (2019) 272 FCR 170 Australian Securities and Investments Commission v Westpac Securities Administration Limited, in the matter of Westpac Securities Administration Limited [2018] FCA 2078; 133 ACSR 1 Chief Executive Officer of Australian Transaction Reports and Analysis Centre v Westpac Banking Corp [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 Markarian v The Queen (2005) 228 CLR 357 Singtel Optus v Australian Competition and Consumer Commission [2012] FCAFC 20; 287 ALR 249 Trade Practices Commission v CSR Limited [1990] FCA 762; ATPR 41-076 Trade Practices Commission v TNT Australia Pty Ltd (1995) ATPR 41-375 Westpac Securities Administration Ltd v Australian Securities and Investments Commission [2021] HCA 3; 387 ALR 1