Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 3) [2015] NSWSC 1527

Supreme Court New South Wales

Medium Neutral Citation: Australian Securities and Investments Commission v Park Trent Properties Group Pty Ltd (No 3) [2015] NSWSC 1527 Hearing dates: 3-5, 9-12, 19, 22 June 2015 Decision date: 15 October 2015 Jurisdiction: Common Law Before: Sackville AJA Decision: 1. If the plaintiff (ASIC) wishes to file written submissions as to the form of the orders proposed in this judgment (such submissions to be consistent with these reasons for judgment), or as to costs, it should do so within fourteen days. 2. If the defendant (Park Trent) wishes to file written submissions as to the form of the proposed orders (such submissions to be consistent with these reasons for judgment), or as to costs, or if it wishes to reply to ASIC's submissions, it should do so within a further fourteen days. Catchwords: CORPORATIONS LAW - whether defendant contravened s 911A(1) of the Corporations Act 2001 (Cth) by carrying on a financial services business without a financial licence – defendant sold investment properties on commission – defendant's marketing strategy incorporated advice about establishing self managed superannuation funds (SMSFs) and using SMSFs to purchase investment properties – advice included projections as to the returns that could be achieved through SMSFs – whether the defendant made recommendations or stated opinions as to beneficial interests in SMSFs – whether recommendations and opinions were intended to influence decisions in relation to financial products

REMEDIES – whether declaratory and injunctive relief should be granted in respect of contravention of s 911A(1) of the Corporations Act 2001 (Cth) – form of declaration and restraining order. Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth), s 33 Corporations Act 2001 (Cth), ss, 20, 761A, 761C, 764A, 765A, 766A, 766B, 911A, 911B, 1101B, 1311, 1312, 1324, 1332; Ch 7, Pt 7.6 Income Tax Assessment Act 1997 (Cth), s 995-1(1) National Consumer Credit Protection Act 2009 (Cth), s 29 Superannuation Industry (Supervision) Act 1993 (Cth), ss 10, 17A, 19, 42A, 45, 67A Superannuation Industry (Supervision) Amendment Act 2010 (Cth), sch 1 [8] Trade Practices Act 1974 (Cth)