Hudson Securities Pty Ltd v Australian Stock Exchange [2000] NSWCA 203

[2000] 49 NSWLR 353 Reported Decision : [2000] 156 FLR 331 [2000] 35 ACSR 55 [2000] 18 ACLC 683

New South Wales Court of Appeal

CITATION : Hudson Securities Pty Ltd v Australian Stock Exchange [2000] NSWCA 203 FILE NUMBER(S) : CA 41038/99 HEARING DATE(S) : 10 May 2000 JUDGMENT DATE : 4 August 2000

PARTIES : Hudson Securities Pty Ltd - Appellant Australian Stock Exchange - Respondent JUDGMENT OF : Handley JA at 1; Beazley JA at 2; Giles JA at 3

LOWER COURT JURISDICTION : Supreme Court - Equity Division LOWER COURT 4688/99 FILE NUMBER(S) : LOWER COURT Santow J JUDICIAL OFFICER :

COUNSEL : A G Hartnell (Solr) & P C Silver (Solr) - Appellant J E Griffiths & J A Kernick - Respondent SOLICITORS : Atanaskovic Hartnell - Appellant Johnson Winter & Slattery - Respondent CATCHWORDS : STOCK EXCHANGE - business rules - investigations - exchange may require member to cause officers to appear and give information - member refused to appear other than on conditions - whether failed to comply with business rules - held yes - whether exchange could require that that officers give confidentiality undertakings - held no. D FAI Insurances Ltd v Pioneer Concrete Services Ltd (1986) 10 ACLR 801; National Companies and Securities Commission v News Corporation Ltd (1984) 156 CLR 296; McLachlan v Australian Stock Exchange (1998) 30 ACSR 26; Attorney-General v Great Eastern Railway Co (1880) 5 App Cas 473; CASES CITED: Makin v Gallagher (1974) 2 NSWLR 569; National Crime Authority v A, B and D (1988) 18 FCR 439; Australian Securities Commission v Bell (1991) 6 ACSR 281; National Companies and Securities Commission v Bankers Trust Australia Ltd (1989) 24 FCR 217; Esso Australia Resources Ltd v Plowman (1995) 183 CLR 10. DECISION : (1) Appeal allowed in part; (2) Set aside para (e) of order 2 made on 16 December 1999; (3) Order the appellant to pay three quarters of the respondent's costs of the appeal, otherwise no order as to costs of the appeal.