ASIC suing Macquarie Securities over long-standing | Australian Markets
The Australian Securities and Investments Commission (ASIC) has introduced it’s suing Macquarie Securities Limited alleging the company engaged in deceptive conduct by misreporting tens of millions of short gross sales to the market operator for over 14 years.
The regulator has famous that the motion represents the fourth regulatory transfer towards Macquarie in simply over 12 months.
ASIC stated it had filed proceedings within the NSW Supreme Court alleging that between 11 December 2009 and 14 February 2024, MSAL didn’t appropriately report the quantity of short gross sales by a minimum of 73 million. ASIC estimates that this could possibly be between 298 million and 1.5 billion short gross sales.
ASIC, in its first short sale reporting case, alleges the deceptive conduct was resulting from a number of systems-related points, many of which remained undetected for over a decade.
Accurate short sale reporting issues. Obligations to report short gross sales had been launched in 2009, following the Global Financial Crisis. Short sale information is used to tell traders, governments, regulators and financial market contributors about market sentiment and potential dangers. It additionally assists in detecting market misconduct and helps market integrity.
ASIC Chair Joe Longo stated, ‘This action is timely given significant recent global market volatility. Accurate and reliable data underpins the integrity of, and confidence in, Australia’s financial markets. Investors count on dependable data to analyse market actions and inform their investment choices.
‘We allege Macquarie’s failures could have led to the financial companies industry counting on deceptive and false data for over 14 years.
‘MSAL’s repeated systemic failure to detect and resolve these points indicated critical neglect of its systems and disrespect for operational controls and technological governance.’
Today’s announcement marks the fourth regulatory motion ASIC has taken towards Macquarie Group in simply over 12 months.
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