Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Daly (Penalty Hearing) [2024] FCA 3 File number: QUD 269 of 2020
Judgment of: CHEESEMAN J
Date of judgment: 10 January 2024
Catchwords: CORPORATIONS — civil penalty proceedings — penalty phase — duties of officers of responsible entity of a registered managed investment scheme — where respondents found to have breached duties owed pursuant to s 601FD(1) and thereby breached s 601FD(3), a civil penalty provision, of the Corporations Act 2001 (Cth) — where three of four respondents (Submitting Respondents) did not contest liability and agreed relief with the regulator and one respondent did not — consideration of appropriate relief — consideration of application of parity principle as between Submitting Respondents on the first part and the respondent who contested liability on the other part — Held: relief granted.
Legislation: Corporations Act 2001 (Cth) ss 206C, 601FD(1)(b),(c),(e),(f), 601FD(3), 920A, 1317E(1),(2),(3), 1317G, 1317QF Federal Court of Australia Act 1976 (Cth) ss 21, 23 Treasury Laws Amendment (Strengthening Corporation Financial Sector Penalties) Act 2019 (Cth) Federal Court Rules 2011 (Cth) r 39.05
Cases cited: ASIC v Pegasus Leveraged Options Group Pty Ltd [2002] NSWSC 310; 41 ACSR 561 Australian Building and Construction Commission v Construction, Forestry, Maritime, Mining and Energy Union [2020] FCA 1662 Australian Building and Construction Commissioner v Pattinson [2022] HCA 13; 274 CLR 450 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015] FCA 330; 327 ALR 540 Australian Competition and Consumer Commission v MSY Technology Pty Ltd [2012] FCAFC 56; 201 FCR 378 Australian Securities and Investments Commission v MLC Nominees [2020] FCA 1306; 147 ACSR 266 Australian Securities and Investments Commission v Monarch FX Group Pty Ltd, in the matter of Monarch FX Group Pty Ltd [2014] FCA 1387; 103 ACSR 453 Australian Securities and Investments Commission v Stone Assets Management Pty Ltd [2012] FCA 630; 205 FCR 120 Commissioner of Taxation v Bogiatto (No 2) [2021] FCA 98 Commonwealth v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; 258 CLR 482 Flight Centre Limited v Australian Competition and Consumer Commission (No 2) [2018] FCAFC 53; 260 FCR 68 Green v The Queen [2011] HCA 49; 244 CLR 462 Trilogy Funds Management Pty Ltd v Sullivan (No 2) [2015] FCA 1452; 331 ALR 185
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