MRWL and Australian Securities and Investments Commission

The Administrative Appeals Tribunal considered an application by MRWL for a stay of a banning order made by the Australian Securities and Investments Commission (ASIC) under section 920A of the *Corporations Act 2001* (Cth). MRWL sought to prevent ASIC from publishing the banning order on its public register pending the determination of MRWL's application for review of the banning order.

The Tribunal was required to determine whether a stay of the banning order was necessary to secure the effectiveness of the hearing and determination of the review application. This involved assessing the prospects of success of the review application, the prejudice to the parties if the stay was granted or refused, and the public interest. A key consideration was whether the review application would be rendered nugatory if the banning order was published and the ban took effect before the review was heard.

The Tribunal reasoned that the purpose of a stay is to preserve the status quo and ensure that a review is not rendered futile. It considered that the publication of the banning order on the ASIC register would have significant and potentially irreversible consequences for MRWL, including reputational damage and the impact on third parties who relied on MRWL's services. The Tribunal found that these consequences could not be adequately remedied by a later successful review. The Tribunal also considered an application for non-publication and confidentiality orders, which it granted.

The Tribunal ultimately granted the stay application, restraining ASIC from complying with its statutory obligation to publish the banning order on the ASIC register pending the final determination of MRWL's application for review.