CBA hits back at ASIC over BBSW allegations
The Commonwealth Bank of Australia (CBA) is fighting back against the multitude of regulatory allegations being hurled at it, saying that it is reviewing details of a statement of claim launched by the Australian Securities and Investments Commission (ASIC).
The legal claim related to trading allegedly affecting the Bank Bill Swap Rate (BBSW) on six occasions in 2012, which the regulator lodged with the Federal Court last month.
ASIC alleged that conduct from CBA employees contravened multiple provisions in both the Australian Securities and Investments Commission Act and the Corporations Act, and sought orders for pecuniary penalties against the bank and the imposition of a compliance program.
CBA said that it did not believe that its employees had engaged in unlawful conduct or done anything that could have adversely impacted the efficiency and integrity of the financial markets.
As the matter is before the court, CBA would not comment on anything else relating to the statement of claim other than that they had and would co-operate fully with ASIC to resolve the matter.
AUTHOR
Hannah Wootton
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.
