Australian Securities and Investments Commission v PE Capital Funds Management Limited (administrators appointed), in the matter of PE Capital Funds Management Limited (administrators appointed)

The case before the Court involves the Australian Securities and Investments Commission (ASIC) bringing proceedings against PE Capital Funds Management Limited (PECFM), an investment manager accused of various contraventions under the Corporations Act 2001 (Cth) and the Australian Securities and Investments Commission Act 2001 (Cth). The key issues the Court needed to resolve included whether PECFM operated unregistered managed investment schemes in contravention of s 601ED(5) of the Act, whether it conducted a financial services business without an Australian Financial Services License (AFSL), and whether it engaged in misleading and deceptive conduct. The Court also considered ASIC's applications to wind up PECFM and the managed investment schemes it operated.

The Court found that PECFM had indeed contravened the legislation by operating unregistered investment schemes, conducting a financial services business without an AFSL, and misleadingly representing itself as authorised by an AFSL holder. The Court determined that the public interest in protecting investors justified the issuance of declarations and the winding up of both registered and unregistered investment schemes. The Court appointed Andrew Fielding as liquidator for PECFM and responsible for winding up the relevant schemes. The Court made orders for winding up PECFM, the registered investment schemes, and the unregistered investment schemes, and dispensed with the requirement for notice of the application for orders. The Court also ordered PECFM to pay ASIC's costs of the proceeding.