International Litigation Partners Pte Ltd v Chameleon Mining NL (No 2)

The dispute in *International Litigation Partners Pte Ltd v Chameleon Mining NL (No 2)* concerned the effect of an instrument issued by the Australian Securities and Investments Commission (ASIC) on court orders made following a cross-appeal. The primary issue was whether this ASIC instrument, which varied a list of exemptions from certain provisions of the *Corporations Act 2001* (Cth), could retrospectively alter the exemptions relevant to the court's prior decision.

The court was required to determine the legal effect of the ASIC instrument in light of the court's orders, specifically whether the instrument operated retrospectively to affect the exemptions applicable at the time of the court's decision. The court also considered whether ASIC possessed the power to issue an instrument with retrospective effect.

The court reasoned that the ASIC instrument did not have retrospective effect. Furthermore, the court expressed doubt as to whether ASIC had the legal authority to make such a retrospective instrument. Consequently, the court dismissed the appeal and allowed the cross-appeal, making a declaration that the first respondent had validly rescinded the Funding Agreement and issuing consequential orders in accordance with the first respondent's short minutes of order.