ASIC accepts EU from Vantage
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from Vantage Global Prime Pty Limited to address systems and controls inadequacies within its CFD business.
Following an investigation, ASIC identified concerns that Vantage did not have adequate systems and controls to identify, monitor or prevent inappropriate use of its confidential client trading information by its employees.
ASIC also found a senior employee of Vantage used their position to access confidential client trading information to inform their own personal trading.
ASIC confirmed no loss was suffered by the client, whose information was accessed, but the senior employee made a profit from its use.
Vantage has undertaken to appoint an independent expert to assess and evaluate the adequacy of its systems and controls to deal with confidential information.
It has also undertaken to:
- Not appoint the senior employee as a director for a period of 12 months;
- Arrange for all its representatives to complete compliance training; and
- Make a community benefit payment of $95,000 to The Ethics Centre.
AUTHOR
Anastasia Santoreneos
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
