Macquarie discontinues Administrative Appeals Tribunal (AAT) proceedings

Macquarie Bank Limited (Macquarie) today confirmed it has discontinued proceedings in the Administrative Appeals Tribunal (AAT) seeking review of an Australian Securities and Investments Commission (ASIC) decision earlier this year to impose licence conditions on Macquarie regarding client money.

Macquarie advised on 11 March 2016 that it had made the AAT application after it identified and self-reported client money incidents to ASIC during 2013 and 2014. A stay was granted by the AAT on 15 March 2016.

Macquarie’s discontinuation of the AAT proceedings follows ASIC today announcing it has revoked the licence conditions.

Today’s announcement by ASIC comes after ASIC’s receipt of a KPMG report on Macquarie’s application of its framework for the handling of client money. The report, which was voluntarily commissioned by Macquarie, said the manner in which Macquarie applies its client money framework supports positive compliance outcomes.

Macquarie treats client money with the utmost seriousness and in self reporting the incidents to ASIC took a conservative and consultative approach.