Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v DOD Bookkeeping Pty Ltd (in liq), in the matter of DOD Bookkeeping Pty Ltd (in liq) [2023] FCA 1622 File number: NSD 444 of 2021
Judgment of: GOODMAN J
Date of judgment: 20 December 2023
Catchwords: CORPORATIONS – best interests obligations in Division 2 of Part 7.7A of the Corporations Act 2001 (Cth) – advice given to clients without adequate consideration of the interests of those clients – contraventions of s 961K of the Corporations Act established CORPORATIONS – conflicted remuneration provisions in Division 4 of Part 7.7A of the Corporations Act – application of transitional provisions – payment of bonuses to advisers employed by the defendant upon the purchase of real properties by the trustees of self-managed superannuation funds (SMSF) following advice provided by such advisers to the defendant's clients to establish an SMSF and to cause the trustee thereof to purchase real property – bonuses likely to influence the choice of financial product recommended to and the financial product advice given to clients of the defendant – contraventions of ss 963J and 963E of the Corporations Act established
Legislation: Australian Securities and Investments Commission Act 2001 (Cth), ss 13, 33 Corporations Act 2001 (Cth), ss 9, 601RAC, 761, 761A, 761G, 761GA, 764A, 766A, 766B, 766C, 910A, 913B, 944A, 946A, 960, 961, 961B, 961F, 961G, 961K, 961L, 961P, 963A, 963B, 963C, 963D, 963E, 963J, 967, 1012IA, 1526, 1528 Corporations Amendment (Future of Financial Advice Measures Act 2012 (Cth) Retirement Savings Accounts Act 1997 (Cth), s 12 Superannuation Guarantee (Administration) Act 1992 (Cth) Superannuation Industry (Supervision) Act 1993 (Cth), ss 10, 19, 52 Corporations Regulations 2001 (Cth), regs 7.1.29, 7.1.33A, 7.7A.16B, 7.7A.16C Superannuation Industry (Supervision) Regulation 1994, reg 4.09
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