Wilsons Advisory cops $35,000 penalty
Wilsons Advisory and Stockbroking Limited has been fined $35,000 for infringing the Australian Securities and Investments Commission’s (ASIC’s) Market Integrity Rules.
Wilsons was given an infringement notice by the Markets Disciplinary Panel (MDP) for, in acting as an agent for a client, failing to provide a unique reference to the market operator to identify the origin of order.
An ASIC investigation found that in November 2016, the company had submitted 49 orders with a generic code for the origin of order instead of the client’s unique account number.
A further six occasions were recorded in May and August of that year whereby the regulatory data for the origin of transaction used generic notations instead of the client’s unique number.
While there was no deliberate attempt to conceal the act from ASIC, the regulatory body states the market participant faces an ongoing obligation to provide the unique codes.
AUTHOR
Anastasia Santoreneos
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