Macquarie Investment Management has been ordered to pay a penalty of $400,000 for failing to comply with its duties as the responsible entity of the van Eyk Blueprint International Shares Fund.
The Supreme Court of New South Wales found Macquarie Investment Management (MIML) contravened the Corporations Act by failing to comply with its duties as a responsible entity of the fund.
The court has ordered that MIML pay a civil pecuniary penalty of $400,000, as well as $200,000 for ASIC's legal costs.
ASIC commenced court action against MIML in June 2016 in relation to its oversight of the van Eyk Blueprint fund.
At the time, in an agreed statement of facts, MIML admitted the contraventions. ASIC and MIML filed joint statements as to the appropriate penalty.
The Supreme Court found MIML failed to comply with its duties as a responsible entity by:
ASIC commissioner Greg Tanzer said: "This is a significant decision for investors and confirms the important role of responsible entities in monitoring and supervising funds, even where external managers are appointed."
"ASIC will take action when responsible entities fail to meet those obligation," he said.
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