Australia Securities and Investments Commission chairman Joe Longo has accused Macquarie Group of “complacency and hubris” about its promises to fix failings in its risk and compliance culture after the corporate regulator sued the company for misreporting short selling.
Macquarie could be fined as much as $783 million after repeated failures to accurately report millions of short selling trades between 2009 and 2024, which ASIC said undermined confidence in the nation’s financial system, markets and also the $80 billion investment bank and asset manager.
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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
