Macquarie Bank Limited (MBL) acknowledges the Australian Securities and Investments Commission's (ASIC's) announcement today in relation to additional conditions imposed on MBL's Australian financial services licence following compliance failures in Macquarie's futures dealing business and its over-the-counter (OTC) derivatives trade reporting.
The licence conditions imposed by ASIC require MBL to:
- prepare a remediation plan to address the failures;
- appoint an independent expert to review and report on the adequacy of the remediation activities to address the failures and their root causes; and
- have the independent expert assess the operational effectiveness of Macquarie's remediation activities.
MBL takes its role as a licensed entity extremely seriously, including the importance of ensuring the integrity of the markets in which it operates and learning from instances where compliance has been inadequate. In addition to working constructively with ASIC on these remediation activities, MBL continues to invest in a broader range of existing programs to strengthen its systems, controls and supervisory arrangements.
ASIC has acknowledged Macquarie's cooperation throughout the process and its consent to the licence conditions.
