ASIC has accepted a number of variations to the Enforceable Undertaking (EU) entered into with Commonwealth Securities Ltd (CommSec), and Australian Investment Exchange Ltd (Ausiex).
The variations provide additional assurances by requiring CommSec and Ausiex to engage an independent expert to undertake ongoing reviews and provide monthly reports to ASIC Commsec and Ausiex on the progress of the remediation plan developed under the EU. This includes:
- An assessment of whether the remediation plan addresses the recommendations and findings of the independent expert’s report dated 10 June 2014, and
- A requirement that a final report be provided by 4 September 2015, reporting on the design and operating effectiveness of controls systems and processes implemented under the remediation plan.
Background
In December 2013, ASIC accepted an EU from Commsec and Ausiex, both of which are members of the Commonwealth Bank of Australia group (refer: 13-344MR).