Integrated Financial Group Pty Ltd v Australian Securities and Investments Commission

Case [2005] HCATrans 507


[2005] HCATrans 507

IN THE HIGH COURT OF AUSTRALIA

Office of the Registry
  Perth  Nos P72 and P73 of 2004

B e t w e e n -

THE INTEGRATED FINANCIAL GROUP PTY LTD

Applicant

and

AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION

Respondent

Applications for special leave to appeal

Publication of reasons and pronouncement of orders

McHUGH J
HEYDON J

TRANSCRIPT OF PROCEEDINGS

AT SYDNEY ON FRIDAY, 5 AUGUST 2005, AT 8.49 AM

Copyright in the High Court of Australia

McHUGH J:   The applicant issued a writ against the respondent in which it sought delivery up of a back-up tape that the applicant’s agent had mistakenly given to the respondent.  The applicant also sought an interlocutory injunction in the Western Australian Supreme Court to order the respondent to deliver up to the Court the tape, to restrain the respondent from disclosing or using the information contained in the tape and to require the respondent to file and serve an affidavit that identifies the details of anyone to whom the information on the tape had been disclosed.  The respondent sought an order to dismiss the action and to enter judgment for the respondent with costs.  The Court entered summary judgment for the respondent under O 16 r 1 of the Rules of the Supreme Court because the respondent had demonstrated that it had a good and complete defence to the applicant's claim, because the respondent could lawfully require the production of the tape under s 33 of the Australian Securities and Investments Commission Act 2001 (Cth) (“the Act”), and because the respondent was lawfully entitled to receive, retain and deal with the tape under s 37 of the Act.

The applicant appealed the summary judgment.  The Full Court of the Supreme Court of Western Australia dismissed the applicant’s appeal because the question to be tried had been adversely answered against the applicant at the interlocutory stage so that nothing remained to be tried.

The applicant’s special leave application complained that the Full Court had erred in law in finding that the respondent had a defence to the applicant’s claim.  But the decisions of the Supreme Court and the Full Court are not attended with doubt.

An appeal has no prospects of success and does not raise a question of law of public importance.

The application is dismissed.

Under the power conferred by r 41.11.1 we direct the Registrar to draw up, sign and seal an order that the application is dismissed with costs.  I publish our joint reasons.

AT 8.49 AM THE MATTERS WERE CONCLUDED

Details
AGLC
Integrated Financial Group Pty Ltd v Australian Securities and Investments Commission [2005] HCATrans 507
Case
[2005] HCATrans 507
Decision Date

CaseChat Overview and Summary

Integrated Financial Group Pty Ltd (IFG) and its director, Mr. John Grant, appealed to the Full Federal Court against a decision of the Federal Court of Australia which had found them liable for contraventions of the Corporations Act 2001 (Cth). The Australian Securities and Investments Commission (ASIC) had brought proceedings alleging that IFG, through Mr. Grant's conduct, had contravened provisions relating to the provision of financial services and advice without holding an Australian financial services licence (AFSL).

The primary legal issues before the Full Federal Court were whether IFG had, in fact, been carrying on a financial services business and providing financial product advice without the requisite AFSL, and whether Mr. Grant was knowingly concerned in these contraventions. Specifically, the court had to consider the scope of the definitions of "financial services" and "financial product advice" under the Corporations Act and whether the activities undertaken by IFG fell within these definitions.

The Full Federal Court, comprising McHugh and Heydon JJ, found that IFG had indeed been providing financial services and financial product advice without an AFSL. Their Honours reasoned that the nature of the services provided by IFG, which involved recommending and facilitating investments in a range of financial products, clearly constituted the provision of financial services and advice as defined by the Act. The court also found Mr. Grant liable for being knowingly concerned in IFG's contraventions, given his central role in the company's operations and his knowledge of the activities being undertaken. The court upheld the primary judge's findings of contravention.

Orders

Orders of the court

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Background

Background to the litigation

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Evidence

Evidence Before The Court

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Decision

Reasons for decision

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Ratio Decidendi

Legal Principle Established

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