Australia sues Macquarie Securities for misreporting of short sales

Reuters

Tue, May 13, 2025, 4:51 PM 1 min read

(Reuters) -Australia's firm regulator said connected Wednesday it had started ineligible enactment against Macquarie Securities (Australia) (MSAL), accusing the steadfast of misleadingly reporting millions of abbreviated income for implicit 14 years.

The Australian Securities and Investments Commission (ASIC) filed proceedings successful the New South Wales Supreme Court, alleging that MSAL, owned by Macquarie Group, inaccurately reported abbreviated income volumes by astatine slightest 73 cardinal from December 11, 2009 to February 14, 2024, which could correspond betwixt 298 cardinal and 1.5 cardinal abbreviated sales.

The regulator said the misleading behaviour was owed to aggregate "systems-related issues."

The suit marks ASIC's 4th regulatory enactment against Macquarie Group successful conscionable implicit a year.

"Our actions bespeak the ongoing and heavy concerns we person with Macquarie Group and its anemic remediation of long-standing issues," said ASIC Chair Joe Longo.

Earlier this month, the regulator imposed further conditions connected Macquarie Bank, citing galore superior compliance failures.

In summation to penalties, ASIC said it was seeking an autarkic reappraisal and assurance of MSAL's regulatory reporting systems.

Macquarie said successful a connection that MSAL had identified the issues and self-reported them to the ASIC. It added that it is present reviewing ASIC's claim.

(Reporting by Adwitiya Srivastava successful Bengaluru; Editing by Shilpi Majumdar and Rashmi Aich)