ASIC has removed additional licence conditions from Macquarie Bank after imposing them in March 2016 for breaches of the client money provisions of the Corporations Act.
According to a statement by the regulator, the decision to remove the conditions comes after the conclusion of work undertaken by KPMG into the effectiveness of Macquarie's Client Money Framework.
"KPMG has reported its findings to ASIC and Macquarie including recommendations to enhance the application of Macquarie’s Client Money Framework," said ASIC.
Macquarie Bank has agreed to discontinue its application to the Administrative Appeals Tribunal (AAT) that it began in March 2016 following the imposition of the licence conditions.
Macquarie was granted a stay on the licence conditions on 15 March pending a review of ASIC's decision by the AAT.
Read more:
Don't fret about UK exposure, says Morningstar
UniSuper launches comparison service
ESG reporting on ASX hits 90%, says ACSI
Growth funds break even in 2015-16
Decimal adds to advisory board
