Australian Securities and Investments Commission v BPS Financial Pty Ltd [2024] FCA 457

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v BPS Financial Pty Ltd [2024] FCA 457 File number(s): QUD 380 of 2022

Judgment of: DOWNES J

Date of judgment: 3 May 2024

Catchwords: CORPORATIONS – where respondent entered agreements with holders of Australian Financial Services Licence in relation to digital currency or crypto-asset – whether respondent was authorised representative within meaning of ss761A and 916A of the Corporations Act 2001 (Cth) – identification of financial product and financial product advice – whether authorised representative can issue a financial product – consideration of ss761A, 910A, 911A(2)(a), 911A(2)(b) and 916A Corporations Act 2001 (Cth) CONSUMER LAW – where respondent published statements on website and on document on website – whether statements of fact or opinion – whether representations as to future matters – whether contraventions of ss12DA and 12DB of the Australian Securities and Investments Commission Act 2001 (Cth)

Words & phrases: "on behalf of"

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12BB, 12DA, 12DB Corporations Act 2001 (Cth) ss 9, 761A, 761E, 762B, 762C, 763A, 763D, 766A(1), 766B, 766C, 911A, 912A, 916A, 917B, 917E, 917F Financial Services Reform Act 2001 (Cth) Financial Services Reform Bill 2001 (Cth) Explanatory Memorandum to the Financial Services Reform Bill 2001 (Cth) Supplementary Explanatory Memorandum to the Financial Services Reform Bill 2001 (Cth)

Cases cited: Australian Broadcasting Commission v Australasian Performing Right Association Ltd (1973) 129 CLR 99 Australian Competition & Consumer Commission v Dateline Imports Pty Ltd [2015] FCAFC 114 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd (2014) 317 ALR 73; [2014] FCA 634 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2020) 278 FCR 450; [2020] FCAFC 130 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 250 CLR 640; [2013] HCA 54 Australian Competition and Consumer Commission v Woolworths Ltd [2019] FCA 1039 Australian Competition and Consumer Commission v Woolworths Group Ltd (2020) 281 FCR 108; [2020] FCAFC 162 Australian Securities and Investments Commission v Daly [2023] FCA 290 Australian Securities and Investments Commission v Dover Financial Advisers Pty Ltd (2019) 140 ACSR 561; [2019] FCA 1932 Australian Securities and Investments Commission v GetSwift Ltd [2021] FCA 1384 Australian Securities and Investments Commission v Huntley Management Ltd (2017) 122 ACSR 163; [2017] FCA 770 Australian Securities and Investments Commission v Westpac Banking Corporation (No 2) (2018) 266 FCR 147; [2018] FCA 751 Benlist Pty Ltd v Olivetti Australia Pty Ltd (1990) ATPR 41-043 Briginshaw v Briginshaw (1938) 60 CLR 336 Butcher v Lachlan Elder Realty Pty Ltd (2004) 218 CLR 592; [2004] HCA 60 Campbell v Backoffice Investments Pty Ltd (2009) 238 CLR 304; [2009] HCA 25 Campomar Sociedad, Limitada v Nike International Ltd (2000) 202 CLR 45; [2000] HCA 12 City of Botany Bay Council v Jazabas Pty Limited (2001) ATPR (Digest) 46-210; [2001] NSWCA 94 Downey v Carlson Hotels Asia Pacific Pty Ltd [2005] QCA 199 Energy World Corp Ltd v Maurice Hayes & Associates Pty Ltd (2007) 239 ALR 457; [2007] FCAFC 34 Forrest v Australian Securities and Investments Commission (2012) 247 CLR 486; [2012] HCA 39 Girchow Enterprises Pty Ltd v Ultimate Franchising Group Pty Ltd [2023] FCA 420 Google Inc v Australian Competition and Consumer Commission (2013) 249 CLR 435; [2013] HCA 1 Ireland v WG Riverview Pty Ltd (2019) 101 NSWLR 658; [2019] NSWCA 307 Kraft Foods Group Brands LLC v Bega Cheese Ltd (2020) 151 IPR 369; [2020] FCAFC 65 Lin v Zheng [2023] NSWCA 174 NMFM Property Pty Ltd v Citibank Ltd (No 10) (2000) 107 FCR 270; [2000] FCA 1558 Noon v Bondi Beach Astra Retirement Village Pty Ltd (2010) 15 BPR 28,221; [2010] NSWCA 202 North East Equity Pty Ltd v Proud Nominees Pty Ltd (2010) 269 ALR 262; [2010] FCAFC 60 Pyrotek Pty Ltd v Ausco Industries Pty Ltd (1992) ATPR (Digest) 46-085 Seymour Whyte Constructions Pty Ltd v Ostwald Bros Pty Ltd (in liq) (2019) 99 NSWLR 317; [2019] NSWCA 11 Sykes v Reserve Bank of Australia (1998) 88 FCR 511 Taco Company of Australia Inc v Taco Bell Pty Ltd (1982) 42 ALR 177 R v Toohey; Ex parte Attorney-General (NT) (1980) 145 CLR 374 Tobacco Institute of Australia Ltd v Australian Federation of Consumer Organisations Inc (1992) 38 FCR 1