Commonwealth Securities Limited Pays $35,000 Infringement Notice Penalty

Commonwealth Securities Ltd has paid a penalty of $35,000 to ASIC in order to comply with an infringement notice given to it by the Markets Disciplinary Panel, for the entry of an erroneous Priority Crossing in the security, OZ Minerals Limited (ASX Code OZL), that allegedly resulted in the market for OZL not being both fair and orderly. CommSec is alleged to have contravened subsection 798H(1) of the Corporations Act 2001 (the Corporations Act) by reason of contravening market integrity rule 5.9.1 of the ASIC Market Integrity Rules (ASX Market) 2010 (MIR 5.9.1), which provides: "A Market Participant must not do anything which results in a market for a product not being both fair and orderly, or fail to do anything where that failure has that effect.”

Originally Published: 
28/05/2012