ASIC argues a federal court judge “erred” in finding that Finder Earn was not a “debenture” — and thus compliant with Australian financial rules.
The Australian Securities and Investments Commission (ASIC) has filed to appeal its court loss against Finder Wallet, a sister company of Australian fintech firm Finder.com, over its “Earn” product which was found to be compliant with Australia’s financial laws by a federal court last month.
ASIC previously argued that Finder Wallets yield-bearing product operated without an appropriate licence or authoriation. But federal court judge Brigitte Markovic dismissed the case on March 14, ruling that ASIC failed to establish that Finder Wallet’s Earn product constituted a “debenture” — a debt security where companies promise to pay back borrowed money with interest — under the Corporations Act.
In the April 10 filing, ASIC argued Markovic “erred” in this finding because there was no depositing of money or a loan to Finder Wallet when an investor used the Finder Earn product.
