Gray v Australian Securities and Investments Commission
[2004] AATA 1235Gray
vAustralian Securities and Investments Commission
Member:
Mr SC Fisher, Member
Subject References:
CORPORATIONS
Supervision, Regulation and Correction
Application for exemption from holding Australian Financial Services Licence
Documentation Service did not require Australian Financial Services Licence
Whether trustee service qualifies for exemption
Trustee service a custodial or depository service;Trustee service not an atypical or unforseen circumstance
Compliance with FSR regime not impossible or disproportionately burdensome
Applicant not adequately regulated as a solicitor
Trustee service does not qualify for exemption
Legislative References:
Corporations Act 2001 - 762A; 763A; 763E; 764A; 765A; 766A; 766B; 766E; 911A; 911B; 916A; 916B; 916C; 916D; 916E; 916F; 916G; 951B; 992B; 1371B
- Financial Services Reform Act 2001
- Financial Services Reform (Consequential Provisions) Act 2002
- Financial Services Reform Amendment Act 2003
Legal Profession Act 2004 (Qld) -
Queensland Law Society Act 1952 (Qld) -
Corporations Regulations 2001 regs - 7.1.35; 7.1.40; 7.6.01
Case References:
Ajka Pty Ltd v Australian Fisheries Management Authority - [2003] FCA 248
Leary v Federal Commissioner of Taxation (Cth) - (1980) 47 FLR 414; (1980) 32 ALR 221; (1980) 11 ATR 145; (1980) 80 ATC 4438; [1980] FCA 112
DKLR Holding Co (No 2) v Commissioner of Stamp Duties - [1980] 1 NSWLR 510; (1980) 10 ATR 942; (1980) 80 ATC 4279
Re Transphere Pty Ltd - (1986) 5 NSWLR 309
Commissioner of Stamp Duties (Queenslandd) v Livingston - [1965] AC 694; (1964) 112 CLR 12; (1964) 38 ALJR 197; [1965] ALR 803; [1964] 3 WLR 963; [1964] 3 All ER 692; (1964) 43 ATC 325
Westdeutsche Landesbank Girozentnale v Islington London Borough Council - [1996] 2 All ER 961; [1996] AC 669; [1996] 2 WLR 802
Government Employees' Health Fund Ltd v Private Health Insurance Administration - (2001) 65 ALD 377; [2001] FCA 322
Re Drake and Minister for Immigration & Ethnic Affairs (No. 2) - (1979) 2 ALD 634
Bennett v Chief Executive Officer of the Australian Customs Service - (2003) 77 ALD 375; [2003] FCA 53
Re Aston and Secretary, Department of Primary Industry - (1985) 8 ALD 366
Australian Fisheries Management Authority v Graham - (2003) 73 ALD 525; [2003] FCA 231; (2003) 127 FCR 436
Humane Society International Inc v Minister for the Environment & Heritage - [2003] FCA 64; (2003) 126 FCR 205
Bank of Western Australia Ltd v Ocean Trawlers Pty Ltd - (1995) 16 ACSR 501; (1995) 13 WAR 407
IPT Systems Ltd v MTIC Corporate Pty Ltd - (2000) 36 ACSR 454; (2000) 158 FLR 349; [2000] WASC 316
Bateman v Newhaven Park Stud Ltd - [2004] NSWSC 566; (2004) 207 ALR 406
Solicitors' Liability Committee v Gray and another - (1997) 77 FCR 1; (1997) 147 ALR 154
Re Simersall - (1992) 108 ALR 375; (1992) 35 FCR 584
Decision date: 25 November 2004
Sydney
TRIBUNAL'S ORDER
58. The Tribunal decides to affirm the decision under review.
On the FSR regime generally, see Clayton Utz, The Essential Guide to Financial Services Reform (CCH Australia Ltd, Sydney, 2002) and R Baxt, AJ Black & PF Hanrahan, Securities and Financial Services Law (LexisNexis Butterworths, Australia, 2003), Chapters 2, 8, 12 and 13.
Financial System Inquiry Final Report (Commonwealth of Australia, Canberra, March 1997).
The concept of arrangements or understandings is well-developed in the jurisprudence under sections 45 and 45A of the Trade Practices Act 1974 (Cth) (see Top Performance Motors Pty Ltd v Ira Berk (Qld) Pty Ltd (1975) 24 FLR 286 and Australian Competition and Consumer Commission v Universal Music Australia Pty Ltd [2001] FCA 1800 at [490] per Hill J) and under section 45D of the Trade Practices Act 1974 ( Tillman Butcheries Pty Ltd Australasian Meat Industry Employees' Union (1979) 42 FLR 331). In Bateman v Newhaven Park Stud Ltd [2004] NSWSC 566 at [23], Barrett J traced the judicial formulations of acting in concert back to The King and the Attorney-General of the Commonwealth v Associated Northern Collieries (1911) 14 CLR 387 at 400 per Isaacs J. This is not intended to discount completely the possibility that an arrangement or understanding which is central to the concept of acting in concert may have a contractual origin in general. This is a sufficient but not necessary requirement. It is a question, however, whether in a particular case this is so.