ASIC has announced that Cigno Pty Ltd has made an application in the Federal Court of Australia seeking the following relief under s39B of the Judiciary Act 1903:
- an order to quash the ASIC Corporations (Product Intervention Order – Short Term Credit) Instrument 2019/917 (Short Term Credit PIO);
- a declaration that the Short Term Credit PIO is invalid.
The first Case Management Hearing will be on 31 October 2019.
The Short Term Credit PIO remains in force while the matter is before the Court.
The application will test the basis for making the Product Intervention Order.