ASIC Fines the Commonwealth Bank of Australia $20 Million
Posted: Tue Jul 10, 2018 9:08 am
The Australian Securities and Investments Commission (ASIC) announced today that it has fined the Commonwealth Bank of Australia (CBA) $20 million following their participation in the setting of the Bank Bill Swap Rate (BBSW), a key benchmark and reference interest rate in the Australian financial system.
According to the statement, the multinational bankhas entered into a court enforceable undertaking with ASIC, due to Federal Court proceedings that were launched by the regulator in January.
In the proceedings, the Australian bank admitted to the Federal Court in Melbourne that it tried to affect where the BBSW ... (read more)