CommSec penalised
The Commonwealth Bank's share trading arm, Commonwealth Securities Limited (CommSec) has been penalised to the tune of $35,000 for alleged trading infringements.
The Australian Securities and Investments Commission (ASIC) revealed the penalty, which it said had followed on from an infringement notice issued by its Markets Disciplinary Panel for the entry of an erroneous 'Priority Crossing' in the security Oz Minerals Limited.
It was alleged that the action resulted in the market for Oz Minerals not being both fair and orderly.
ASIC's Market Disciplinary Panel said that in determining the appropriate penalty, it had taken into account a range of factors including that CommSec had an alert procedure in place, that the company had cooperated with ASIC throughout the investigation and had agreed not to contest the matter, "thereby saving time and costs that would otherwise have been expended".
The regulator also noted that it was an isolated incident and that CommSec had no recorded history of non-compliance.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
