On 23 December 2009, the full bench of the Federal Court of Australia dismissed ASIC’s proceedings challenging the Administrative Appeals Tribunal’s (AAT) powers to make stay and confidentiality orders which restrain ASIC from informing the public of its determinations.

The majority in the Federal Court were of the view that the AAT did have the power to make the orders in question. However, the judgments contain relevant and significant observations that would assist in future cases, in relation to the factors that should be taken into account by the AAT in making such orders. Such factors include the importance of the public interest and the Corporations Act statutory scheme.

ASIC is assessing whether or not it will seek special leave to appeal the decision.