Re Poidevin and Australian Securities and Investments Commission

This matter concerned an application by Mr Poidevin for a stay of a five-year prohibition order made by the Australian Securities and Investments Commission (ASIC) preventing him from providing financial services. The dispute arose from ASIC's findings that Mr Poidevin had contravened provisions of the Corporations Act 2001 concerning market misconduct during his involvement in a capital raising and subsequent relisting of DirectMoney Ltd on the ASX. The application was heard by Deputy President J Redfern.

The primary legal issues before the Tribunal were whether it was appropriate to grant a stay of the operation of the banning order, and the scope of the Tribunal's power to make orders that affect the implementation of ASIC decisions, including their entry into the ASIC register and publication in the Government Gazette. Additionally, the Tribunal considered whether a confidentiality order was appropriate in relation to the proceedings.

The Tribunal reasoned that Tribunal proceedings are generally conducted in public unless there are sufficiently cogent reasons to depart from this norm, with reputational damage alone not being sufficient justification. The applicant bears the onus of demonstrating why a departure from public proceedings is warranted. In considering the reviewable decision, the delegate's power, and the statutory context, the Tribunal noted ASIC's role in promoting confident and informed participation in the financial system and ensuring fair, orderly, and transparent markets. The conduct in question involved trading in DirectMoney Ltd shares between July 2015 and July 2015, following a backdoor listing and capital raising where Mr Poidevin played a key role.