Australia sues Macquarie Securities for misreporting millions of short sales

Australia sues Macquarie Securities for misreporting millions of short sales

Reuters | May 14, 2025 | 08:20 AM IST | Breaking News, Business | Follow on Google News

Australia sues Macquarie Securities for misreporting millions of short sales

May 14 (Reuters) – Australia’s corporate regulator said on Wednesday it had started legal action against Macquarie Securities (Australia) (MSAL), accusing the firm of misleadingly reporting millions of short sales for over 14 years.

The Australian Securities and Investments Commission (ASIC) filed proceedings in the New South Wales Supreme Court, alleging that MSAL, owned by Macquarie Group (MQG.AX), inaccurately reported short sales volumes by at least 73 million from December 11, 2009 to February 14, 2024, which could represent between 298 million and 1.5 billion short sales.

The regulator said the misleading conduct was due to multiple “systems-related issues.”

Also Read – OpenAI plans to slash revenue share to Microsoft, The Information reports

Macquarie said in a statement that MSAL had identified the issues and self-reported them to the ASIC. It added that it is now reviewing ASIC’s claim.

The lawsuit marks ASIC’s fourth regulatory action against Macquarie Group in just over a year.

“Our actions reflect the ongoing and deep concerns we have with Macquarie Group and its weak remediation of long-standing issues,” said ASIC Chair Joe Longo.

Reuters