US EditionA frustrated corporate watchdog is out for blood at Macquarie
- ASIC, led by chairman Joe Longo, has taken multiple regulatory actions against Macquarie since late 2023, including fines and a lawsuit for market misconduct.
- These actions stem from long-term compliance failures by Macquarie involving false reporting of short sales from 2009 to 2024 and ineffective controls on suspicious transactions.
- Macquarie Securities is accused of misreporting up to 1.5 billion short sales across more than 2800 reports, impacting 321 financial products with average errors around 12 percent.
- ASIC described Macquarie's behavior as a "reckless disregard for compliance standards" and stated the misconduct involved "more than 10 years of compliance failures."
- These regulatory proceedings could cost Macquarie over $700 million and have already caused significant reputational damage to the group and its leadership.
18 Articles
18 Articles
Macquarie’s Broking Arm Sued Over Misleading Short Sale Data
The Australian Securities and Investments Commission (ASIC) has launched civil proceedings against the broking arm of Macquarie Bank in the New South Wales (NSW) Supreme Court. The corporate watchdog alleges Macquarie Securities misreported millions of short sale transactions over a 14-year period, misleading the market. It is ASIC’s first court case focused on short sale reporting and marks the fourth enforcement action against Macquarie in jus…
ASIC sues broking arm of Macquarie
The corporate watchdog is suing the broking division of investment bank Macquarie, alleging it misled the market by misreporting millions of short sales for a period of 14 years.The Australian Securities and Investments Commission (ASIC) has started proceedings against Macquarie Securities (Australia) Limited (MSAL) in the NSW Supreme Court.It is the regulator's fourth regulatory action against the investment bank in just over a year.READ MORE: …
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