Australian Securities and Investments Commission v Vanguard Investments Australia Ltd (No 2) [2024] FCA 1086

Federal Court of Australia Australian Securities and Investments Commission v Vanguard Investments Australia Ltd (No 2) [2024] FCA 1086 File number(s):

Judgment of: O'BRYAN J

Date of judgment: 25 September 2024

CONSUMER LAW – pecuniary penalty for infringement of ss 12DF(1) and 12DB(1)(a) and (e) of the Australian Securities and Investments Commission Act 2001 (Cth) – application of s 12GBA to contravening conduct that commenced prior to 13 March 2019 – application of s 12GBB to contravening conduct that occurs wholly on or after 13 March 2019 – relevant considerations – discount for cooperation – adverse publicity orders under s 12GLB of the Australian Securities and Investments Commission Act 2001 (Cth) not opposed by the defendant Catchwords: EVIDENCE – statement of agreed facts tendered in evidence – where agreed facts contained footnote references to documents also tendered in evidence – observations concerning the practice of including documentary references to a statement of agreed facts and the extent to which the practice is permissible under s 191 of the Evidence Act 1995 (Cth) COSTS – where one party wholly unsuccessful on single issue for which discrete hearing was required but otherwise successful in the proceeding

Australian Securities and Investments Commission Act 2001 (Cth) ss 12DB(1)(a), 12DB(1)(e), 12DF(1), 12GBA(1)(a), 12GBA, 12GBB, 12GBC, 12GBCA, 12GLB(1), 12GX, 322, 327 Competition and Consumer Act 2010 (Cth) s 76, Sch 2 s 224 Legislation: Corporations Act 2001 (Cth) s 912C Evidence Act 1995 (Cth) s 191 Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth) s 3, Sch 2 item 8 Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (Cth) s 3, Sch 3 item 3