Visnic v Australian Securities and Investments Commission

The applicant, Visnic, sought judicial review of a decision by the Australian Securities and Investments Commission (ASIC) to refuse to grant him a licence to carry on a financial services business. The dispute concerned whether Visnic met the eligibility requirements for such a licence under the Corporations Act 2001 (Cth). The matter was heard by Heydon J of the Federal Court of Australia.

The primary legal issue before the Court was whether Visnic possessed the requisite honesty and integrity to be granted a financial services licence, as mandated by s 913B(1)(c) of the Corporations Act. This required the Court to consider the implications of Visnic's prior contraventions of financial services legislation and his conduct in relation to those contraventions.

Heydon J found that Visnic's past conduct, including his failure to comply with directions from ASIC and his misleading statements to the regulator, demonstrated a lack of honesty and integrity. His Honour applied the principle that a person's past conduct is a relevant indicator of their future fitness to hold a licence. The Court considered that Visnic had not established that he was a fit and proper person to provide financial services, given the seriousness of his prior contraventions and his approach to them.

The application for judicial review was dismissed.