The Australian Securities and Investment Committee (ASIC) said this week that it has launched legal measures against Macquarie Securities (Australia) Limited (MSAL).
The organizer has claimed “repeated, and systematic behavior” over more than 14 years in terms of reporting open sale.
The case was submitted at the New South Wales Supreme Court, which is the first enforcement procedure in ASIC, which includes reports for sale on the open.
The organizer claims that MSAL has offended at least 73 million short sales between December 2009 and February 2024, which may affect between 298 million and 1.5 billion trading.
ASIC claims that inaccuracy is the result of long -term system not discovered.
“We claim that Macquarie’s failures may have led to the financial services industry dependent on misleading and misleading information for more than 14 years,” said Joe Longo, ASIC president.
“The recurring systematic failure of MSAL in discovering and solving these issues indicated a serious neglect of its regulations and ignoring operational controls and technological governance.”
The Supervisory Authority is also looking for penalties and independent review of the court of MSAL regulations and procedures.
It is claimed that the MSAL has exaggerated or deviated from the open on the open exposed folders for no less than 321 securities, with average variations of 12 %, up to 50 % in some cases.
This is the fourth organizational action taken by ASIC against the Macquarie group entities a little more than a year ago, highlighting what ASIC describes as “continuous and deep concerns” about the company’s compliance culture and treatment efforts.