Advice and stock broking firm fined $35k

An advice and stockbroking firm offering services to institutional and private wealth investors has copped a $35,000 fine to comply with an infringement notice served by the markets disciplinary panel.

The markets and disciplinary panel believed Wilsons Advisory and Stockbroking contravened regulatory data rules by failing to provide unique references to the market operator after share orders were submitted on behalf of a client.

According to ASIC, the firm contravened the rules in a series of occurrences across 2016, including in one instance where it failed to provide a client's unique account number in a trade report made to the market operator.

ASIC added the markets disciplinary panel (MDP) found no evidence of a deliberate attempt by Wilsons to conceal information from the regulator about the origin of orders. However the regulator added that while Regulatory Guide 223 acknowledges there may be situations where a unique notation may not be available to provide, it is responsibility of the market participant to explore all options reasonably open to it in ensuring its systems and processes can capture and report the required data.

ASIC said by providing regulatory data the number of requests for trading information that were sent to market participants was reduced, significantly improving its surveillance function.

In a statement Wilson's confirmed the two breaches were related to regulatory reporting requirements and of a technical nature. The firm added the breaches did not impact any of its clients or the integrity of the financial markets.

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