ASIC takes action against Macquarie Bank for 'significant' compliance failuresBy business reporter Stephanie ChalmersTopic:Business and Industry Regulation1h ago1 hours agoTue 6 May 2025 at 11:18pmMacquarie Group has been criticised by ASIC for "recurrent" failures. (AAP)abc.net.au/news/asic-macquarie-bank-licence-conditions-compliance-failure/105262220Link copiedShareShare articleMacquarie Bank has been hit with additional licence conditions after being slammed by the corporate regulator for "multiple and significant compliance failures".The Australian Securities and Investments Commission (ASIC) has taken action against the investment bank by imposing additional conditions on its financial services licence.ASIC said the failures related to Macquarie's futures dealing and derivatives trading divisions, noting some went undetected for many years — in one case, for a decade."Our intervention underscores our concern with the recurrent nature of Macquarie's failures, which were caused by ineffective supervision and weak compliance and control management," ASIC commissioner Simone Constant said.The incidents include the repeated failure to prevent a number of suspicious orders on the electricity futures market."'We were particularly disappointed that Macquarie failed to prevent 11 suspicious orders being placed on the electricity futures market via Macquarie terminals shortly after ASIC had referred similar failures to the Markets Disciplinary Panel which fined the bank just under $5 million," Ms Constant added.LoadingPosted 1h ago1 hours agoTue 6 May 2025 at 11:18pm, updated 45m ago45 minutes agoTue 6 May 2025 at 11:44pmShare optionsCopy linkFacebookX (formerly Twitter)Top StoriesEight dead after India strikes nine sites in Pakistan, officials sayLIVECourt orders release of 'vicious' CCTV footage after three-year legal battleTopic:CrimePhoto shows External images of Reiby Youth Detention Centre.A feedback loop tanked Dutton's campaign in its final weekAAnalysis by Annabel CrabbPhoto shows Clive Palmer NPC'Takes two to tango': Takeaways from the Trump-Carney White House chatTopic:World PoliticsPhoto shows Mark Carney and Donald Trump speak in the Oval Office.An old voting trend 'is breaking down' – and hurting the CoalitionTopic:Australian Federal ElectionsPopular nowA feedback loop tanked Dutton's campaign in its final weekAAnalysis by Annabel CrabbPhoto shows Clive Palmer NPCEight dead after India strikes nine sites in Pakistan, officials sayLIVEScientists racing against the clock to tackle an 'unprecedented' threatTopic:Infectious DiseasesPhoto shows A black rubber gloved hand holds a petri dish that is growing violet-coloured bacteria.Related topicsAustraliaBankingBusiness and Industry RegulationCompany NewsTop StoriesEight dead after India strikes nine sites in Pakistan, officials sayTopic:Unrest, Conflict and WarCourt orders release of 'vicious' CCTV footage after three-year legal battleTopic:CrimeA feedback loop tanked Dutton's campaign in its final weekAAnalysis by Annabel Crabb'Takes two to tango': Takeaways from the Trump-Carney White House chatTopic:World PoliticsAn old voting trend 'is breaking down' – and hurting the CoalitionTopic:Australian Federal ElectionsJust InErin Patterson's mushroom murder trial resumesLIVE6m ago6 minutes agoWed 7 May 2025 at 12:23amVoices fund hails 'astronomical' regional seat gains despite defeatsTopic:Australian Federal Elections4m ago4 minutes agoWed 7 May 2025 at 12:25amASIC takes action against Macquarie for 'significant' failuresBREAKING45m ago45 minutes agoTue 6 May 2025 at 11:44pmKvitová wins on tour for first time since becoming a motherTopic:Tennis1h ago1 hours agoTue 6 May 2025 at 11:19pmMore Just InBack to top