<p><span>The Federal Court has ordered Commonwealth Securities Limited (CommSec) and Australian Investment Exchange Limited (AUSIEX) pay a penalty of $20 million and $7.12 million respectively for breaches of the Market Integrity Rules, Corporations Act and ASIC Act (CommSec only) for systemic compliance failures, including overcharging brokerage fees to CommSec customers on 120,933 occasions, totalling over $4.3 million.</span></p>
Date Time
ASIC commences civil penalty proceedings against CommSec and AUSIEX for systemic compliance failures
ASIC has commenced civil penalty proceedings in the Federal Court against Commonwealth Securities Limited (CommSec) and Australian Investment Exchange Limited (AUSIEX) for alleged breaches of the Market Integrity Rules, Corporations Act and ASIC Act (CommSec only) relating to systemic compliance failures in the delivery of financial services.
ASIC alleges the conduct spanned a significant period of time and involved failures across multiple systems and business areas. Commsec and AUSIEX submitted over 60 notifications to ASIC relating to the conduct.
It is ASIC’s view that the number, breadth and duration of the conduct is significant and indicates the entities did not have adequate systems and processes in place to ensure compliance with their relevant obligations under their Australian Financial Services licence (AFS licence) and pursuant to the Market Integrity Rule
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that two-year investigation showed that the cleveland police department had engaged in a pattern of excessive force. there are numerous examples. in fact this case was one of the ones that was cited. and so this is not a new issue for the cleveland police department accusations of excessive use of force. and as a result of that finding in that justice department report that was released last december they developed what they called a court enforceable consent decree. that s so that they can work together with the federal government to make necessary reforms of the cleveland police department. poppy. right. and of course those are two separate things that investigation and then this trial where, again, officer brelo was found not guilty on all counts. athena thank you very much. cleveland is in an uproar over the shooting omaha, nebraska is mourning an officer, a hero a new mother killed in the line of duty. we ll discuss that next. also how it highlights the troubles facing police