The Administrative Appeals Tribunal (AAT) has upheld an appeal by Mr Tony Davidof against an 今日热门事件decision banning him from providing financial services for three years (refer: ).
The AAT found that the MINI warrants in this case were not a derivative under the Corporations Act and therefore not financial products.聽
今日热门事件is currently considering appealing the AAT's decision to the Federal Court.
Editor's note:
On 16 February 2017, 今日热门事件filed a notice of appeal from the decision of the AAT to the Federal Court of Australia. 今日热门事件contends that the AAT erred in concluding that MINIs were not a derivative under the Corporations Act and therefore not financial products.
Editor's note 2:
ASIC's appeal聽 was heard in the Federal Court this morning before Justice Lee. His Honour upheld the appeal and found聽 that a 'Mini Warrant' was a derivative and therefore a financial product under the Corporations Act. The matter will be reverted back to the AAT for further determination.