Nguyen and Australian Securities and Investments Commission

The case of *Nguyen and Australian Securities and Investments Commission* concerned an application by Mr. Nguyen for a review of a decision made by the Australian Securities and Investments Commission (ASIC) to permanently ban him from engaging in credit activities. ASIC sought to uphold its decision, or alternatively, sought a prohibition for Mr. Nguyen from engaging in any credit activity for a period at the higher end of the three to ten-year range. The matter was heard by Stevenson J.

The primary legal issue before the court was to determine the appropriate period, if any, for which Mr. Nguyen should be prohibited from engaging in credit activities. This involved assessing the nature and severity of Mr. Nguyen's conduct, his knowledge and intent, and his potential for rehabilitation and future compliance with credit legislation. The court was required to consider whether the original banning order was appropriate or if a substituted period of prohibition was warranted, and if so, what that period should be.

Stevenson J found that while Mr. Nguyen had acted with incompetence and irresponsibility, there was inadequate evidence to satisfy the court that he knowingly submitted false documents to ANZ Bank. The court accepted that Mr. Nguyen regretted his actions and had learned from his transgressions, noting his academic qualifications and the stress of the proceedings as mitigating factors. While acknowledging the need for public protection during a period of reflection and further study, the court did not consider a ban at the high end of the three to ten-year range to be appropriate.

Consequently, Stevenson J set aside ASIC's decision and substituted it with an order banning Mr. Nguyen from engaging in any credit activity for a period of four years. This four-year period was to be reduced by the time that had already elapsed between ASIC's original banning order of 15 October 2015 and the date of Stevenson J's order.