Federal Court Of Australia And Sale Of Securities Essay

4. Arguments: Some of the most relevant arguments presented by the plaintiff and defendants for this case are highlighted below. The arguments specifically form a basis for the laws presented in the previous section. 4.1 Astra Nominees make offer of securities The plaintiff had alleged that the second defendant contemplated section 727 for the sale of securities and did not disclose this to the investors. ASIC also mentioned that Astra Nominees was in a position to sell the shares it had if the offers were accepted. This was completely obligatory with regards to the share subscription agreements between ASIC and Astra Nominees (Federal Court of Australia, 2015). 4.2 Disclosure under Part 6D.2 The defendants pleaded guilty on the fact that they exemptions were application under section 708 and hence disclosure under part 6D.2 was not necessary. ASIC on the other hand argued that when the Astra defendants were represented, there was documents provided to impose the claims made by them regarding the s708 exemption. However, these documents were not sufficient to claim that a financial licensee was appointed which did their task well (Commonwealth Consolidated Acts). 4.3 Small Scale Offerings Furthermore, Astra defendants also pleased ASIC submitted that the Astra defendants’ pleaded based on the act of section 708(5)(b) which states exemptions of disclosure in regards to small scale offerings. From the previous sections above, it is clearly evident that the offers made toShow MoreRelatedCommon Law and National Consumer Law1567 Words   |  7 Pagesthose persons specified by the court. e. It follows the common law, it will not override it. f. It acts only against the individual (i.e. in the personam), not property. 3. What are the main differences between the common law and statute law? 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