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yesterday

ASIC Sues Macquarie Securities Over 14 Years of Short-Sale Reporting Failures

The regulator alleges systemic issues led to the misreporting of millions of trades and seeks penalties and an independent review of compliance systems.

Macquarie Group logo is seen outside their headquarters in Sydney, Australia, May 9, 2025. REUTERS/Hollie Adams/File Photo
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The Australian Security and Investments Commission sign.

Overview

  • The Australian Securities and Investments Commission (ASIC) has filed legal action against Macquarie Securities (Australia) (MSAL) in the New South Wales Supreme Court.
  • ASIC alleges that MSAL underreported short-sale volumes by at least 73 million trades between December 2009 and February 2024, potentially obscuring up to 1.5 billion trades.
  • The regulator attributes the misreporting to long-standing systems-related issues within MSAL's operations.
  • This marks ASIC's fourth regulatory action against Macquarie Group in just over a year, reflecting heightened scrutiny of the financial institution.
  • ASIC is seeking financial penalties and an independent review of MSAL's reporting systems to ensure future compliance, while Macquarie has stated that MSAL self-reported the issues and is reviewing the claims.