ASIC Sues Macquarie Over Short Sale Misreporting

The Australian Securities and Investments Commission (ASIC) has launched legal action against Macquarie Securities (Australia) Limited (MSAL), alleging the firm misreported millions of short sale transactions between 2009 and 2024. ASIC claims MSAL underreported at least 73 million short sales, with the actual number possibly reaching up to 1.5 billion, due to systemic, undetected reporting failures. The regulator is seeking penalties that could total up to $783 million and is demanding an independent review of MSAL's reporting systems. This case is ASIC's fourth action against Macquarie Group in just over a year and comes after recent compliance conditions were imposed on the bank. Macquarie has stated it self-identified and reported the issues and has since implemented new controls, while reviewing ASIC's claims. ASIC Chair Joe Longo highlighted that accurate market data is crucial for market integrity and investor confidence, particularly in volatile times.