The Administrative Appeals Tribunal (AAT) has upheld an appeal by Mr Tony Davidof against an ASIC decision banning him from providing financial services for three years (refer: 15-398MR).

The AAT found that the MINI warrants in this case were not a derivative under the Corporations Act and therefore not financial products. 

ASIC is currently considering appealing the AAT's decision to the Federal Court.

Editor's note:

On 16 February 2017, ASIC filed a notice of appeal from the decision of the AAT to the Federal Court of Australia. ASIC 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  was heard in the Federal Court this morning before Justice Lee. His Honour upheld the appeal and found  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.