The court also ordered the firm to appoint an independent expert to assess its short-sale and regulatory reporting systems and processes, as well as to pay the Australian regulator costs.
The New South Wales Supreme Court has ordered Macquarie Securities Australia Ltd (Macquarie) to pay AU$35m (US$24.8m) in penalty after it found that the firm was engaged in misleading conduct and failed to correctly report tens of millions of short sales over more than a decade. The inaccurate reporting stemmed from serious deficiencies in Macquarie’s systems The Australian Securities and Investments Commission (ASIC) said the firm failed to accurately report at least 73m short sales b