The proceedings relate to errors that were reported to ASIC by CommSec and AUSIEX. CommSec and AUSIEX have engaged extensively and co-operatively with ASIC. ASIC has today also filed with the Federal Court and published on its website a Statement of Agreed Facts and Contraventions, recognising that co-operation and that CommSec and AUSIEX do not intend to defend the proceedings.
The proceedings relate to issues in respect of regulatory data requirements, trade confirmation requirements (primarily related to exchange traded options), best execution requirements and reconciliations of client monies. In addition, for CommSec only, the proceedings relate to issues in respect of brokerage payments, warrant agreement forms and automated order processing filters.