Cigno Pty Ltd v Australian Securities and Investments Commission [2021] FCAFC 115 (29 June 2021) (Yates, Wigney and Banks-Smith JJ)


Catchwords:


CORPORATIONS – appeal from decision of primary judge dismissing application for judicial review – product intervention orders under Part 7.9A of Corporations Act 2001 (Cth) – where Australian Securities and Investments Commission may make product intervention order to reduce risk of significant detriment to retail clients resulting from class of financial product – product intervention order made where financial product used in conjunction with collateral agreement – statutory interpretation – whether significant detriment to be considered having regard to context in which financial product used – whether class must have more than one current member

ADMINISTRATIVE LAW – whether ASIC’s state of satisfaction of significant detriment resulting from financial product lawfully formed – whether ASIC’s state of satisfaction related to class of financial product