CBA slapped with ASIC fine
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The Commonwealth Bank (CBA) has paid a $100,000 penalty to the Australian Securities and Investments Commission (ASIC) for failing to meet its continuous disclosure obligations under the Corporations Act.
The regulator announced the imposition of the penalty today claiming the big banking group had failed to notify the Australian Securities Exchange (ASX) after it became aware of information about its expected loan impairment expense to gross loans and acceptances ratio for the financial year ending June 30.
The bank’s alleged failure related to information about which ASIC said CBA had become aware on December 16, last year, relating to full-year loan impairment expenses.
In agreeing to pay the penalty, CBA said it was not admitting any guilt or liability.
AUTHOR
Mike Taylor
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