1 March 2021 - ASIC commences civil penalty proceedings against CommSec and AUSIEX for systemic compliance failures

ASIC has commenced civil penalty proceedings in the Federal Court against Commonwealth Securities Limited (CommSec) and Australian Investment Exchange Limited (AUSIEX) for alleged breaches of the Market Integrity Rules, Corporations Act and ASIC Act (CommSec only) relating to systemic compliance failures in the delivery of financial services.

It is ASIC’s view that the number, breadth and duration of the conduct is significant and indicates the entities did not have adequate systems and processes in place to ensure compliance with their relevant obligations under their Australian Financial Services licence (AFS licence) and pursuant to the Market Integrity Rules.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.