Australian Securities and Investments Commission v Goldsky Global Access Fund Pty Ltd

The Federal Court of Australia was asked to decide if three companies that were controlled by a fourth respondent carried on a financial services business without holding the required Australian financial services licence (AFSL). The case involved the Australian Securities and Investments Commission, who brought the action against the Goldsky Global Access Fund Pty Ltd and three other respondents. The respondents had applied for class order relief from the requirement to hold an AFSL, which the Commission accepted, but the issue remained whether the respondents were carrying on a financial services business in contravention of section 911A of the Corporations Act 2001 (Cth).

The court considered whether the first, second and third respondents carried on a financial services business by operating a custodial or depository service, and if they were exempted from holding an AFSL. The court also considered whether it was appropriate to make the declarations sought by the Commission. The court found that the first, second and third respondents did carry on a financial services business by operating a custodial or depository service and were not exempted from holding an AFSL.

The Court declared that the first, second and third respondents contravened section 911A of the Act by carrying on a financial services business in this jurisdiction without holding an Australian financial services licence. The Court dismissed the further amended originating application and ordered the respondents to pay the costs of the Commission and that the parties bear their own costs.