Boys & Ors v Australian Securities Commission

This matter concerned an application by the applicants, Boys and others, for leave to appeal to the Full Federal Court against a decision of Gummow J in the Federal Court of Australia. The dispute arose from an application made by the Australian Securities Commission (ASC) seeking orders under section 1324 of the Corporations Law. The ASC's application concerned alleged contraventions of the Corporations Law by the applicants.

The primary legal issue before Gummow J was whether the ASC had standing to bring proceedings under section 1324 of the Corporations Law. Specifically, the court was required to determine whether the ASC could seek relief under that section for contraventions of the Corporations Law that occurred prior to the commencement of the ASC's statutory powers.

Gummow J reasoned that section 1324 of the Corporations Law, which confers a broad power on the ASC to seek injunctions and other relief for contraventions of the Law, is not retrospective in its operation. His Honour held that the ASC could only seek relief for contraventions that occurred after the commencement of its statutory powers. Therefore, the ASC lacked standing to pursue the relief sought in relation to alleged contraventions that predated the ASC's establishment.