ASIC appoints independent consultant to Macquarie Bank
The Australian Securities and Investments Commission (ASIC) has confirmed that an independent consultant is being appointed to ensure Macquarie Bank addresses issues within its wholesale foreign exchange (FX) businesses.
At the same time as announcing the move on Macquarie Bank and similar successful moves with respect to Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, National Australia Bank Limited and the Commonwealth Bank, ASIC made clear it had been drawing on the support of its sister regulators in other countries.
The appointment of the independent consultant forms part of Macquarie Bank’s acceptance of an enforceable undertaking with ASIC following an investigation conducted by the regulator which found significant shortcomings in the bank’s arrangements.
ASIC said Macquarie would develop a program of changes to its existing systems, controls, training, guidance and framework for monitoring and supervision of employees in its spot FX and non-deliverable forwards businesses to prevent, detect and respond to:
- Inappropriate disclosure of confidential information to external market participants; and
- Inappropriate order management and trading in respect of stop loss orders.
ASIC said it would appoint an independent consultant to assess the program and its implementation and that the program would incorporate changes already made by Macquarie as part of ongoing reviews of its businesses.
“Upon implementation of that program, for a period of three years, Macquarie will conduct an annual internal review of the program, which will be independently assessed, and provide an annual attestation from its senior executives to ASIC,” the regulator said.
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