The Australian Securities and Exchange Commission (ASIC) imposed additional conditions for the Macquarie Bank Limited financial services permit after multiple and significant compliance failures – some have not been identified for many years and one for a decade.
Compliance failures are related to Macquarie’s future fulfillment businesses and derivative trade reports (OTC).
Additional license terms will require Macquarie to:
- Prepare a rehabilitation plan to tackle failures in business activities involved in their future and reference functions of OTC derivatives and their roots.
- Appoint an independent expert for reviewing and reporting the adequacy of Macquarie’s rehabilitation plan to tackle their failures and roots and roots
- You have the independent expert to evaluate the operational efficiency of Macquarie’s rehabilitation activities to prevent, detect and respond to similar issues that occur in the future of future OTC factors and OTC derivatives in the future.
Audit weaknesses ranged from bad change management practices, vague roles and responsibilities, and an incomplete understanding of its own processes and controls, including data governance.
ASIC’s administrative action follows the recognition or reporting of nine market behavior issues over the past 18 months – seven issues related to the incorrect report of more than 375,000 OTC derivatives and two future fulfillment dealing with the prevention and detection of suspicious trade and trading activity.
Many of the violations of OTC derivatives continued for several years without detection.
In September 2024, the ASIC Disciplinary Committee imposes Macquarie enforcement enforcement a $ 4,995 million record to fail to prevent suspicious orders in the market for future electricity.