Australian Securities and Investments Commission v Retail Employees Superannuation Pty Ltd [2024] FCA 1081

Federal Court of Australia Australian Securities and Investments Commission v Retail Employees Superannuation Pty Ltd [2024] FCA 1081 File number:

Judgment of: BEACH J

Date of judgment: 18 September 2024

Catchwords: SUPERANNUATION — industry superannuation fund — rollover requests by members — Division 6.5 of the Superannuation Industry (Supervision) Regulations 1994 (Cth) — sections 10, 19 and 42 of Superannuation Industry (Supervision) Act 1993 (Cth) — representations to members concerning rollover entitlements — limitation or restriction on members' ability to transfer their superannuation balance to other funds — misleading or deceptive conduct — sections 12DA and 12DB of the Australian Securities and Investments Commission Act 2001 (Cth) — section 1041H of the Corporations Act 2001 (Cth) — whether conduct or representations "in trade or commerce" — construction of superannuation trust deed and the SIS Regulations — meaning of "member's interest in the fund" — contingent equitable interest — mere expectancy

Australian Securities and Investments Commission Act 2001 (Cth) ss 12BA, 12BAA, 12BAB, 12CB, 12DA, 12DB Corporations Act 2001 (Cth) ss 601RAC, 764A, 766A, 766C, 1041H Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 (Cth) Superannuation Guarantee (Administration) Act 1992 (Cth) ss 19, 32C Legislation: Superannuation Industry (Supervision) Act 1993 (Cth) ss 3, 10, 19, 30, 31, 34, 42, Superannuation Industry (Supervision) Regulations 1994 (Cth) Div 6.5 Explanatory Memorandum, Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 Explanatory Statement, Superannuation Industry (Supervision) Amendment Regulations 2003 (No 5), Statutory Rules 2003 No 251 Explanatory Statement, Select Legislative Instrument 2005 No 142