MFS Ltd was a publicly listed company and was the parent company of the MFS Group. MFS Ltd collapsed in 2008 during the Global Financial Crisis (GFC) with substantial debts. Following the collapse, ASICcommenced civil penalty proceedings against a number of directors and officers of the group, includingMrMichael King in connection with large scale misuse of funds. The relevant entity at the heart of ASIC's case was MFS Investment Management Pty Ltd (MFSIM). MFSIM was the Responsible Entity of the Premium Income Fund (PIF), the largest registered managed investment scheme in the MFS Group.

One of the key issues throughout the case was whether Mr King was an 'Officer' of the company.

(a)Find section 9 of the Corporations Act, and provide:

(i)The definition of an 'Officer' under this Section.

In your answer provide the full text of the heading of the section, and the online address (hyperlink) and date you viewed it. (1 mark)

The Supreme Court found that MFSIM, Mr King and other senior officers within the MFS group had contravened numerous provisions of the Corporations Act in connection with the misuse of MFSIM's funds.

The Court of Appeal overturned the ruling of the trial judge on the question of whether MrKing was an officer of MFSIM.

In AustLII, locate the 2019 Supreme Court of Queensland - Court of Appeal involving MichaelKing and TheAustralian Securities Investment Commission (ASIC) and provide the following details:

(ii)The full case citation and the orders made by the Court. (1 mark)

(iii) The key finding of the Court of Appeal on whether Mr King was an officer of MSFIM. (1 mark)

(b)ASIC then appealed this decision to the High Court of Australia.

In AustLII, locate the 2020 High Court case involving The Australian Securities Investment Commission (ASIC) and Michael King and provide the following details:

(i)The full case citation and the orders made. (1 mark)

The Australian Securities and Investment Commission website at: provides details of enforcements outcomes in a report that is released every 6 months.

Please note: Links to ASIC documents or webpages may need to be copied and pasted into a browser address bar to work correctly.

The ASIC enforcement update January to June 2020, contained details regarding the MFS case.

(ii)Provide the correct Harvard style citation of this report, including online address (hyperlink) and the date you accessed it. (1 mark)

(iii)Provide a summary of the ASIC comments in relation to this case. (1 mark)

(iv)Why do you think ASIC appealed this case? In your response provide reference to two key roles of ASIC in the financial markets. (2 marks)

(v)Provide four (4) brief comments on the significance of the ASIC v King decision from the perspective of a company?

Instructions to students: Students can provide 4 bullets points on how this case is significant to companies and its officer holders and advisers to the company. (2 marks)