Overview

• ASIC has filed Federal Court proceedings after Macquarie admitted it failed to act efficiently, honestly and fairly by not putting the Shield Master Fund on a heightened‑monitoring watch list.
• Macquarie will compensate affected clients in line with the undertaking, with reporting indicating about $321 million will be repaid to roughly 3,000 investors who used its wrap platform.
• The regulator is not seeking a civil penalty in this case because Macquarie has agreed to repay net investments, subject to Federal Court consideration of the admissions.
• Macquarie said payments to eligible investors will be made in full by September 30, according to a company statement.
• ASIC said the outcome limits losses for superannuation members who used Macquarie’s platform to invest in Shield, and it noted that related investigations and actions continue.