A financial institution has paid a penalty to ASIC in relation to trade reporting rules.
AMP Life has paid a penalty of $275,000 and AMP Capital Investors has paid a penalty of $250,000 to comply with infringement notices issued by ASIC.
ASIC issued the notice as it considers there are reasonable grounds to believe there were breaches of the ASIC Derivatives Transactions (Reporting) Rules 2013 by both arms between 2016 and 2018.
ASIC has reasonable grounds to believe that both arms failed to report information about hundreds of transactions as a result of administrative failings.
“The infringement notices issued to AMP Life and AMP Capital are a message to reporting entities to ensure compliance with their reporting and monitoring obligations under the ASIC Rules,” said ASIC commissioner Cathie Armour.
Compliance with the infringement notices is not an admission of guilt or liability, meaning neither AMP Life or Capital are taken to have contravened ASIC rules.
After Labor has secured a somewhat surprising landslide win in the federal election, the FSC CEO said this will now be a ...
Platform executives are pushing for more advice revenue to be invested in advice tech capabilities, labelling the ...
The licensee said around 80 per cent of eligible Brighter Super members have confirmed they will transition their advice ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin