Campbell and Australian Securities and Investments Commission (Taxation)

This matter concerned an appeal by the applicants, Campbell and another, against a decision by the Australian Securities and Investments Commission (ASIC) to impose a ten-year banning order. The dispute centred on whether the applicants' conduct was misleading or deceptive, and whether the ten-year banning order was an appropriate sanction under the Corporations Act 2001. The decision was made by Deputy President B W Rayment Oam Qc P.

The primary legal issue before the court was to determine the appropriate duration of a banning order to be imposed on the applicants under section 920A of the Corporations Act 2001. This required the court to consider various factors, including the seriousness of the applicants' conduct, the need for deterrence, the likelihood of future misconduct, and the impact of such an order on employers and clients. The court was also tasked with reviewing the appropriateness of the ten-year period initially imposed by ASIC.

In reaching its decision, the court acknowledged the unusual circumstances of the case and the dishonesty practised by the applicants. However, it found that the consequences of their conduct were less serious than they might otherwise have been. While deterrence was a relevant consideration, the court determined that it should not overshadow the assessment of the seriousness of the breach of section 1041H of the Corporations Act 2001. Consequently, the court varied the original banning order.

The reviewable decision was set aside, and the banning order was varied to a period of 18 months, commencing from 10 August 2018.