Macquarie Bank Limited (MBL) has acknowledged the Australian Securities and Investments Commission's (ASIC) announcement regarding additional conditions imposed on its Australian financial services license. These conditions follow compliance failures in Macquarie's futures dealing business and over-the-counter derivatives trade reporting.
The new license conditions require MBL to prepare a remediation plan to address these failures. An independent expert will be appointed to review and report on the adequacy of the remediation activities and their root causes. Furthermore, this expert will assess the operational effectiveness of Macquarie’s remediation efforts.
MBL emphasized its commitment as a licensed entity, highlighting the importance of market integrity and learning from compliance shortcomings. The bank is working with ASIC on these remediation activities while continuing to invest in programs aimed at strengthening its systems, controls, and supervisory arrangements.
ASIC has recognized Macquarie's cooperation throughout this process and its consent to the imposed license conditions.
This information serves as a general description of the Macquarie Group. Before acting on any information provided, individuals should consider their personal objectives, financial situation, needs, and seek appropriate advice. The information does not constitute advice or an offer related to any financial products or services.