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A win for ASIC in the High Court – who may be considered an ‘officer’ under the Corporations Act casts a long shadow

Angela Wood, Jacqueline McGrath and Amahl Weeramantry review a High Court win for ASIC in a long-running dispute that clarifies who may be considered an ‘officer’ under the Corporations Act.

The High Court delivered its judgment on Wednesday in a long-running dispute between the Australian Securities and Investments Commission (ASIC) and a former CEO. In an earlier proceeding, ASIC had sought orders against the former CEO (Mr King), including significant civil penalties, alleging he had breached certain duties imposed on him by virtue of being an ‘officer’ of a ‘responsible entity’ to a managed investment scheme that had been registered with ASIC.Mr King had been the CEO of ...

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Authors: Angela Wood, Jacqueline McGrath, Amahl Weeramantry

Published Date: 13 March 2020

 

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