Penalty notice for Share Investing
Share Investing Limited is paying $130,000 for failing to comply with the Australian Securities and Investments Commission (ASIC) Market Integrity Rules (ASX 2010) which prohibits market participants from entering orders on the account of the client, where the intention is suspected to be creating false or misleading levels of market activity.
ASIC found that between April and May of 2013, a client of Share Investing used the company’s automated processing system to trade in the shares of an energy company.
After the orders appeared inconsistent with previous trading patterns, the Markets Disciplinary Panel (MDP) found Share Investing should have identified the circumstances.
The misjudgement on behalf of Share Investing employees, as well as trading representatives, had been confirmed as giving rise to the contravention. The MDP was satisfied that the corporate culture of Share Investing remained conducive to legal compliance.
AUTHOR
Hope William-Smith
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