Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Macquarie Bank Limited [2024] FCA 416 File number(s): NSD 241 of 2022
Judgment of: WIGNEY J
Date of judgment: 19 April 2024
Date of publication: 29 April 2024
Catchwords: CORPORATIONS – provision of financial services – regulatory proceedings – where defendant holds an Australian financial services licence – whether financial services provider ensured that the financial services covered by the licence were provided "efficiently, honestly and fairly" – lack of adequate systems to prevent or detect fraudulent transactions by third parties in respect of client cash management accounts – admitted contravention of s 912A of the Corporations Act 2001 (Cth) – declaration of contravention – agreed penalty – consideration of whether agreed penalty appropriate
Legislation: Banking Act 1959 (Cth) Corporations Act 2001 (Cth) ss 601FC(1)(b), 601FC(5), 761A, 764A(1)(i), 776A(1), 776C, 912A(1)(a), 912A(5A), 1317E(3), 1317G, 1657 Federal Court of Australia Act 1976 (Cth) s 21 Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth)
Cases cited: Australian Building and Construction Commissioner v Pattinson (2022) 274 CLR 450; [2022] HCA 13 Australian Competition and Consumer Commission v Construction, Forestry, Mining and Energy Union (2007) ATPR 42-140; [2006] FCA 1730 Australian Competition and Consumer Commission v MSY Technology Pty Ltd (2012) 201 FCR 378; [2012] FCAFC 56 Australian Securities and Investments Commission v Avestra Asset Management Ltd (in liq) (2017) 348 ALR 525; [2017] FCA 497 Australian Securities and Investments Commission v Camelot Derivatives Pty Ltd (in liq) (2012) 88 ACSR 206; [2012] FCA 414 Australian Securities and Investments Commission v Cassimatis (No 8) (2016) 336 ALR 209; [2016] FCA 1023 Australian Securities and Investments Commission v Commonwealth Bank of Australia [2022] FCA 1422 Australian Securities and Investments Commission v Mercer Financial Advice (Australia) Pty Ltd [2023] FCA 1453 Australian Securities and Investments Commission v National Australia Bank Limited (2022) 164 ACSR 358; [2022] FCA 1324 Australian Securities and Investments Commission v RI Advice Group Pty Ltd (2022) 160 ACSR 204; [2022] FCA 496 Australian Securities and Investments Commission v Rich (2004) ACSR 500; [2004] NSWSC 836 Australian Securities and Investments Commission v Westpac Banking Corporation (Omnibus) (2022) 407 ALR 1; [2022] FCA 515 Australian Securities and Investments Commission v Westpac Securities Administration Ltd (2019) 373 ALR 455; [2019] FCAFC 187 Commonwealth v Director, Fair Work Building Industry Inspectorate (2015) 258 CLR 482; [2015] HCA 46 Forster v Jododex Australia Pty Ltd (1972) 127 CLR 421; [1972] HCA 61 Hili v The Queen (2010) 242 CLR 520; [2010] HCA 45 McDonald v Australian Building and Construction Commissioner (2011) 202 IR 467; [2011] FCAFC 29 Rural Press Limited v Australian Competition and Consumer Commission (2003) 216 CLR 53; [2003] HCA 75 Volkswagen Aktiengesellschaft v Australian Competition and Consumer Commission (2021) 284 FCR 24; [2021] FCAFC 49
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate