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ASIC removes conditions from Macquarie's licence

ASIC removes conditions from Macquarie's licence

Reporter
— 1 minute read

Macquarie Bank has had additional conditions relating to the handling of client money removed from its licence by ASIC.

ASIC has removed additional licence conditions from Macquarie Bank after imposing them in March 2016 for breaches of the client money provisions of the Corporations Act.

According to a statement by the regulator, the decision to remove the conditions comes after the conclusion of work undertaken by KPMG into the effectiveness of Macquarie's Client Money Framework.

"KPMG has reported its findings to ASIC and Macquarie including recommendations to enhance the application of Macquarie’s Client Money Framework," said ASIC.

Macquarie Bank has agreed to discontinue its application to the Administrative Appeals Tribunal (AAT) that it began in March 2016 following the imposition of the licence conditions.

Macquarie was granted a stay on the licence conditions on 15 March pending a review of ASIC's decision by the AAT.

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ASIC removes conditions from Macquarie's licence
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