Sydney, 19 May 2017
Macquarie Bank Limited (Macquarie) notes today’s Australian Securities and Investments Commission (ASIC) announcement that Macquarie and ASIC have entered into an Enforceable Undertaking (EU) following ASIC’s industry-wide review of wholesale Spot Foreign Exchange (FX) trading between January 2008 and June 2013.
Macquarie acknowledges ASIC’s concerns relating to certain aspects of its wholesale Spot FX business, including systems, controls, training, guidance and framework for the supervision and monitoring of employees. Macquarie has commenced a program of work to address these concerns, which will be reviewed and assessed by an ASIC-appointed independent consultant.
ASIC has acknowledged Macquarie’s cooperation during the course of its investigation. The undertaking also includes a voluntary contribution by Macquarie of $A2 million to The Smith Family to support its financial services program aimed at improving young people’s understanding of money management.