Macleod v Australian Securities Commission

Macleod appealed to the Full Federal Court against a decision of a single judge of that court, which had dismissed his application for judicial review of a decision made by the Australian Securities Commission (ASC). The ASC had refused to grant Mr Macleod a licence to carry on the business of a futures broker.

The primary legal issue before the Full Federal Court was whether the ASC had erred in law in its assessment of Mr Macleod's financial standing and his suitability to hold a futures broker's licence, as required by the *Futures Industry (Victoria) Code*. Specifically, the court had to consider whether the ASC had properly applied the relevant provisions of the *Futures Industry (Victoria) Code* and the *Administrative Decisions (Judicial Review) Act 1977* (Cth) in reaching its decision.

The Full Federal Court found that the ASC had not erred in law. The court held that the ASC was entitled to take into account all relevant considerations when assessing Mr Macleod's financial position and his overall suitability. It was not required to ignore information that suggested a lack of financial stability or probity, even if that information was not directly related to the specific criteria for a licence. The court affirmed that the ASC's decision was a proper exercise of its statutory discretion, based on a comprehensive and reasonable evaluation of the evidence before it.