Australian Securities and Investments Commission v Theta Asset Management Limited

• Jurisdiction: Australia Federal only
• Court: Federal Court
• Judgment Date: 19 November 2020
• Neutral Citation: [2020] FCA 1894
• Date: 19 November 2020

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Theta Asset Management Limited [2020] FCA 1894

File numbers:	WAD 613 of 2019
Judgment of:	MCKERRACHER J
Date of judgment:	19 November 2020
Date of publication of reasons:	11 May 2021
Catchwords:	CORPORATIONS – admitted contraventions of civil penalty provisions – issue of defective product disclosure statements containing misleading or deceptive information with regards to a retail managed investment scheme – where parties jointly proposed agreed relief comprising declarations of contravention, pecuniary penalties and disqualification orders – whether relief sought is appropriate in all the circumstances – whether a single penalty should be imposed in light of the agreed position of the parties
Legislation:	Competition and Consumer Act 2010 (Cth) ss 76E(4) Corporations Act 2001 (Cth) ss 175, 180, 180(1), 206C, 553B, 601EB(1), 601FC, 601FC(1), 601FC(1)(b), 601FC(l)(h), 601FD, 601FD(1)(b), 601FD(1)(c), 601FD(1)(f), 601FD(1)(f)(i), 601FD(1)(f)(iv), 769C, 912A(1)(a), 912A(1)(c), 945A(1)(b), 945A(1)(c), 1013C, 1013C(1)(a), 1013D(1)(c), 1013D(1)(f), 1013E, 1022A, 1022A(1), 1022A(1)(a), 1022A(1)(b), 1041H, 1041H(1), 1041H(3), 1317E, 1317E(1), 1317G, 1317H Evidence Act 1995 (Cth) s 191 Federal Court of Australia Act 1976 (Cth) s 37M Personal Property Securities Act 2009 (Cth) Federal Court Rules 2011 (Cth) r 39.05
Cases cited:	Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union (2017) 254 FCR 68; [2017] FCAFC 113 Australian Competition and Consumer Commission v Cement Australia Pty Ltd (2017) 258 FCR 312; [2017] FCAFC 159 Australian Competition and Consumer Commission v Chubb Security Australia Pty Ltd [2004] FCA 1750 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015] FCA 330 Australian Competition and Consumer Commission v Get Qualified Australia Pty Ltd (in liquidation) (No 3) [2017] FCA 1018 Australian Competition and Consumer Commission v IPM Operation and Maintenance Loy Yang Pty Limited (No 2) [2007] FCA 11 Australian Competition and Consumer Commission v Kokos International Pty Ltd (No 2) [2008] FCA 5 Australian Competition and Consumer Commission v Leahy Petroleum Pty Ltd (No 3) (2005) 215 ALR 301; [2005] FCA 265 Australian Competition and Consumer Commission v MSY Technology Pty Ltd (No 2) (2011) 279 ALR 609; [2011] FCA 382 Australian Competition and Consumer Commission v Reckitt Benckiser (Australia) Pty Ltd [2016] FCAFC 181 Australian Competition and Consumer Commission v Telstra Corporation Limited (2010) 188 FCR 238; [2010] FCA 790 Australian Competition and Consumer Commission v TF Woolam and Son Pty Ltd (No 2) [2011] FCA 1216 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 250 CLR 640; [2013] HCA 54 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (No 2) [2012] FCA 629 Australian Competition & Consumer Commission v Universal Music Australia Pty Ltd (No 2) (2002) 201 ALR 618; [2002] FCA 192 Australian Securities Commission v Donovan (1998) 28 ACSR 583 Australian Securities Commission v Spencer (1997) 25 ACSR 143 Australian Securities and Investments Commission v Adler [2002] NSWSC 483; (2002) 42 ACSR 80 Australian Securities and Investments Commission v Australian Property Custodian Holdings Ltd (2014) 103 ACSR 1; [2014] FCA 1308 Australian Securities and Investments Commission v Beekink [2007] FCAFC 7 Australian Securities and Investments Commission v Cassimatis (No 9) [2018] FCA 385 Australian Securities and Investments Commission v Citrofresh International Ltd (No 3) (2010) 268 ALR 303; [2010] FCA 292 Australian Securities and Investments Commission v Financial Circle Pty Ltd [2018] FCA 1644 Australian Securities and Investments Commission v Flugge (No 2) (2017) 119 ACSR 551; [2017] VSC 117 Australian Securities and Investments Commission v Healey (2011) 196 FCR 291; [2011] FCA 717 Australian Securities and Investments Commission v Healey (No 2) (2011) 196 FCR 430; [2011] FCA 1003 Australian Securities and Investments Commission v Macdonald (No 12) (2009) 73 ACSR 638; [2009] NSWSC 714 Australian Securities and Investments Commission v Maxwell (2006) 59 ACSR 373; [2006] NSWSC 1052 Australian Securities and Investments Commission v The Cash Store Pty Ltd (in liq) (No 2) [2015] FCA 93 Australian Securities and Investments Commission v Vocation Ltd (in liq) (No 2) [2019] FCA 1783; (2019) 140 ACSR 382 Australian Securities and Investments Commission v Woolridge [2019] FCAFC 172 Chief Executive Officer of Customs v Labrador Liquor Wholesale Pty Ltd (2005) 216 CLR 161; [2003] HCA 49 Commissioner for Corporate Affairs (WA) v Ekamper (1987) 12 ACLR 519 Commonwealth v Director, Fair Work Building Industry Inspectorate (2015) 258 CLR 482; [2015] HCA 46 Construction, Forestry, Mining and Energy Union v Cahill (2010) 194 IR 461; [2010] FCAFC 39 Construction, Forestry, Mining and Energy Union v Williams (2009) 191 IR 445; [2009] FCAFC 171 Director, Fair Work Building Industry Inspectorate v Construction, Forestry, Mining and Energy Union (2015) 229 FCR 331; [2015] FCAFC 59 Gillfillan v Australian Securities and Investments Commission (2012) 92 ACSR 460; [2012] NSWCA 370 Re Idylic Solutions Pty Ltd; Australian Securities and Investments Commission v Hobbs (2013) 8 BFRA 1; [2013] NSWSC 106 L Shaddock & Associates Pty Ltd v Parramatta City Council (No 2)(1982) 151 CLR 590; [1982] HCA 59 Re Make It Mine Finance Pty Ltd (No 2) [2015] FCA 1255 Markarian v The Queen (2005) 228 CLR 357; [2005] HCA 25 Re Macquarie Investment Management Ltd (2016) 115 ACSR 368; [2016] NSWSC 1184 Mill v The Queen (1988) 166 CLR 59; [1988] HCA 70 Mornington Inn Pty Ltd v Jordan (2008) 168 FCR 383; [2008] FCAFC 70 NW Frozen Foods Pty Ltd v Australian Competition & Consumer Commission (1996) 71 FCR 285; [1996] FCA 670 Pearce v The Queen (1998) 194 CLR 610; [1998] HCA 57 Registrar of Aboriginal and Torres Strait Islander Corporations v Matcham (No 2) (2014) 97 ACSR 412; [2014] FCA 27 Rich v Australian Securities & Investments Commission (2004) 220 CLR 129; [2004] HCA 42 Royer v Western Australia (2009) 197 A Crim R 319; [2009] WASCA 139 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission (2012) 287 ALR 249; [2012] FCAFC 20 Tak Fat Wong v The Queen (2001) 207 CLR 584; [2001] HCA 64 Trade Practices Commission v Caravella (1994) ATPR 41-293 Trade Practices Commission v CSR Ltd [1991] ATPR 41-076; [1990] FCA 521 Trade Practices Commission v Prestige Motors Pty Ltd (1994) ATPR 41-359 Trade Practices Commission v Stihl Chain Saws (Aust) Pty Ltd (1978) ATPR 40-091 Vines v Australian Securities and Investments Commission (2007) 63 ACSR 505; [2007] NSWCA 126
Division:	General Division
Registry:	Western Australia
National Practice Area:	Commercial and Corporations
Sub-a...