ASIC sues Macquarie's broking arm for allegedly misreporting millions of short sales
The corporate regulator is suing the broking arm of Macquarie, alleging it misled the market by misreporting millions of short sales over more than a decade.
The Australian Securities and Investments Commission (ASIC) has started proceedings against Macquarie in the NSW Supreme Court — its fourth regulatory action against the investment bank in just over a year.
ASIC claims Macquarie Securities failed to correctly report the volume of short sales to the market operator between December 2009 and February 2024.
It is the first short sale reporting case brought by the regulator and alleges "multiple systems-related issues, many of which remained undetected for over a decade".
"This action is timely given significant recent global market volatility," ASIC chair Joe Longo said.
"Accurate and reliable data underpins the integrity of, and confidence in, Australia's financial markets. Investors expect reliable information to analyse market movements and inform their investment decisions."
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