The Markets Disciplinary Panel (MDP) yesterday found that on two occasions, J.P. Morgan affected an off-market special crossing in securities on behalf of NIB during the term of an on-market buy-back offer being conducted by NIB.
The company is alleged to have contravened subsection 798H(1) of the Corporations Act 2001 by reason of contravening Rule 6.6.1 of the ASIC Market Integrity Rules (ASX Market) 2010, the MDP said in a statement.
"A Trading Participant must not effect a special crossing of any cash market products (excluding warrants) of an Issuer, on behalf of that Issuer during the term of a buy-back offer conducted on-market by that issuer," it said.
In other ASIC news, a banned South Australian broker yesterday pleaded guilty to three charges of dishonestly using his position to authorise payments totalling $414,299.87 into his personal bank account.
In January, ASIC permanently banned Mr Horsell, who was a former employee and director of Horsell International and PSC Horsell Insurance Brokers, from providing financial services.
It is alleged that between 2007-2010, Mr Horsell authorised the transfers of 89 insurance premium payments from clients into his personal bank account but did not purchase the insurance products requested by the clients.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
