The corporate regulator has accepted an enforceable undertaking from the National Australia Bank following an investigation into the ASX 200 share price spike in October 2012.
According to a statement from ASIC, the “EU relates specifically to NAB’s responsibility for potential market misconduct undertaken by the trading personnel of a contractor which led to the spike”, and involved a case of arbitrage trading on 18 October 2012.
Under the terms of the agreement, NAB has agreed to implement monitoring and control systems for its direct market access trading to be supervised by ASIC.
“It is imperative that entities have adequate monitoring and control systems in place to ensure this type of activity does not occur,” said ASIC commissioner Cathie Armour.
“The EU is a timely, effective way to ensure there is genuine change to monitoring and control systems. ASIC will closely monitor the implementation of these changes to ensure they meet our expectations.”
Meanwhile, ASIC has also accepted an EU from UBS involving potential misconduct related to the Australian Bank Bill Swap Rate.
These actions follow CommSec’s entry into an EU last week.
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has refer...
FASEA has announced its August exam sessions will only be offered remotely for V...
A major platform provider has made changes to its functionality to make it easie...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.
