ASIC’s Longo says Macquarie execs must reflect on poor compliance
The chairman of the corporate regulator says Macquarie executives and its board need to reflect on the investment bank’s reckless disregard for following the rules, one day after the bank was found to have allowed dozens of suspicious transactions despite being repeatedly warned.
Australian Securities and Investments Commission chairman Joe Longo said Macquarie repeatedly disregarded the regulator’s warnings, actions that demonstrate “a reckless disregard for compliance standards”.
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