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The Facts about Lance Rosenberg’s Ban Overturned

The Administrative Appeals Tribunal or known to as the AAT overturned the banning order which was actually imposed by ASIC towards Mr. Lance Rosenberg who is the Director of Tricom Equities Limited from providing financial services for 4 years. Though the decision process is still there for review, there are interesting comments which actually were made.

Conduct giving caused to the banning order that’s related with the actions of Rosenberg with regards to the securities which Tricom held by it as a security for loans had an on-lent to Opes Prime. Also, Opes Prime had administrators that was appointed back in March 27, 2008. With an on-lent securities to Opes Prime and to be concerned on the ability of Tricom in recovering the securities, Rosenberg spent days after March 27, 2008 in order to get advice from the corporate advisers and from insolvency specialists with regards to the best way on how to recover it.

Before putting in place the special crossing, Rosenberg actually continued on with the communication with the ASX about the position. When he was actually in that special crossing, Rosenberg implemented a negotiation with the lenders and settled the crossing before it was actually due for them in financing the acquisition on securities as well as to cancel the special crossing.

The AAT also considered different expert evidence and the ASX Listing Rules to the case where they relate to the off market transactions like special crossings and the information which is available for investors with regards to such transactions.

The AAT also sees such special crossing as off market transactions to where transactions which is specific on ASX had been transacted off market through a special crossing price and comes with no relation on its market prices for security.

This in fact is where the AAT had came on the conclusion that the evidence be provided by the ASIC didn’t make it out that the relevant sections of Corporations ACT had been contravened. An addition on the question of evidence with regards to the particular contraventions is that the context on making the banner order was being considered.

The AAT then considered that the banning order should be discretionary and should never be required of being imposed by the ASIC. The primary purpose of the banning order would be to provide protection to the public and to act also as a deterrent to the person who is concerned and other participants who are in the market.

The case have to provide comfort to directors that while an ASIC delegate consider the action that’s taken under time pressure in a difficult time is actually in breach with the law. The AAT also considers much broader set of circumstances in various options to a director that also includes those available for Mr. Rosenberg to seek recovery from the securities and off market transactions was also unlikely to prejudice the investing public.

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