In a recent opinion article in the Australian Financial Review, journalist Joyce Moullakis raises serious concerns about Macquarie Group's risk management standards, following new licence conditions imposed by the Australian Securities & Investments Commission (ASIC).
The regulator cited "weak compliance and control management," an "incomplete understanding" of internal processes, and long-standing reporting breaches across Macquarie's futures and derivatives business. The intervention comes after ASIC identified nine market conduct issues in 18 months. It also follows earlier fines, including A$5 million over suspicious electricity futures trades late last year, and ongoing global scrutiny, such as a $79.8 million USD settlement with the US Securities and Exchange Commission and potential legal action in Germany.
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