The Australian Securities and Investments Commission ASIC has imposed additional conditions on Macquarie Bank’s Australian financial services licence after multiple and significant compliance failures.
The compliance failures, according to a May 7 ASIC statement, relate to Macquarie’s futures dealing business and its over-the-counter OTC derivatives trade reporting and come after, in September 2024, ASIC’s Markets Disciplinary Panel fined Macquarie a record A$4.995 million $3.24 million for failing to prevent suspicious orders being placed on the electricity futures market.
The additional licence conditions will require Macquarie to prepare a remediation plan to address the failures in their futures dealing business and OTC derivatives trade...
