Australian Securities and Investments Commission v Colonial First State Investments Limited [2021] FCA 1268

Federal Court of Australia

Australian Securities and Investments Commission v Colonial First State Investments Limited [2021] FCA 1268 File number: VID 183 of 2020

Judgment of: MURPHY J

Date of judgment: 19 October 2021

Catchwords: CONSUMER LAW – admitted false or misleading representations in contravention of ss 12DB(1)(h) and (i) of the Australian Securities and Investment Commission Act 2001 (Cth) – application for pecuniary penalties and adverse publicity order – principles relevant to assessment of appropriate penalty – substantial penalty appropriate – adverse publicity order made

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12 DA, 12DB, 12 GBA, 12GLB Corporations Act 2001 (Cth) ss 766B, 912A, 949A, 1041H Evidence Act 1995 (Cth) s 140 Superannuation Industry (Supervision) Act 1993 (Cth) ss 20B, 29WA Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 (Cth)

Cases cited: Australian Building and Construction Commissioner v Construction Forestry Mining and Energy Union [2017] FCAFC 113; 254 FCR 68 Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union & Another [2018] HCA 3; 262 CLR 157 Australian Competition and Consumer Commission v Reckitt Benckiser (Australia) Pty Ltd [2016] FCAFC 181; 340 ALR 25 Australian Competition and Consumer Commission v Singtel Optus Pty Ltd (No 4) [2011] FCA 761; 282 ALR 246 Australian Competition and Consumer Commission v SMS Global Pty Ltd [2011] FCA 855; ATPR 42-364 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (No 2) [2012] FCA 629; ATPR 42-402 Australian Competition and Consumer Commission v TPG Internet Pty Ltd [2013] HCA 54 Australian Competition and Consumer Commission v Woolworths Ltd [2016] FCA 44 Australian Securities and Investments Commission v Wooldridge [2019] FCAFC 172 Commonwealth of Australia v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; 258 CLR 482 Construction, Forestry, Mining and Energy Union v Cahill [2010] FCAFC 39; 269 ALR 1 Director of Consumer Affairs Victoria v Gibson (No 3) [2017] FCA 1148 Director of Consumer Affairs Victorian v Domain Register Pty Ltd (No 2) [2018] FCA 2008 Markarian v The Queen [2005] HCA 25; 228 CLR 357 Mill v The Queen [1988] HCA 70; 166 CLR 59 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission [1996] FCA 1134; 71 FCR 285 Pattinson v Australian Building and Construction Commissioner [2020] FCAFC 177; 299 IR 404 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20; 287 ALR 249 Trade Practices Commission v CSR Ltd [1990] FCA 762; [1991] ATPR 41-076 Trade Practices Commission v Stihl Chain Saws (Aust) Pty Ltd [1978] FCA 104; ATPR 40-091 Transport Workers Union of Australia v Registered Organisations Commissioner (No 2) [2018] FCAFC 203; 267 FCR 40 Volkswagen Aktiengesellschaft v Australian Competition and Consumer Commission [2021] FCAFC 49; 151 ACSR 407