MASU Financial Management Pty Ltd and Australian Securities and Investments Commission

MASU Financial Management Pty Ltd applied to the Administrative Appeals Tribunal for a stay of a decision made by the Australian Securities and Investments Commission (ASIC) to suspend the applicant's financial services licence.

The primary legal issue before the Tribunal was whether to grant a stay of ASIC's decision pending the final determination of the substantive review application. In considering this application, the Tribunal was required to assess the prospects of success of the applicant in the review proceedings and whether the balance of convenience favoured granting a stay.

The Tribunal reasoned that a stay should be granted because the applicant had demonstrated an arguable case with a reasonable prospect of success on the merits of the substantive review. Furthermore, the Tribunal found that the potential harm to the applicant and its clients if the licence suspension were to take effect immediately, outweighing the potential harm to the public interest or ASIC's regulatory objectives. The Tribunal applied the principles governing the grant of interlocutory relief, focusing on the strength of the applicant's case and the balance of convenience.

The Tribunal directed that the Registrar alter the text of its decision to replace a reference to "condition (1)" with "condition (2)" in paragraph (3) of the decision, indicating that the stay was granted subject to specified conditions.