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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
