ASIC accepts EU from Vantage
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from Vantage Global Prime Pty Limited to address systems and controls inadequacies within its CFD business.
Following an investigation, ASIC identified concerns that Vantage did not have adequate systems and controls to identify, monitor or prevent inappropriate use of its confidential client trading information by its employees.
ASIC also found a senior employee of Vantage used their position to access confidential client trading information to inform their own personal trading.
ASIC confirmed no loss was suffered by the client, whose information was accessed, but the senior employee made a profit from its use.
Vantage has undertaken to appoint an independent expert to assess and evaluate the adequacy of its systems and controls to deal with confidential information.
It has also undertaken to:
- Not appoint the senior employee as a director for a period of 12 months;
- Arrange for all its representatives to complete compliance training; and
- Make a community benefit payment of $95,000 to The Ethics Centre.
AUTHOR
Anastasia Santoreneos
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