The companies, products and regulatory developments shaping the broker industry.
ASIC’s continuing review highlights the importance of allocation histories and independent checks. A practical reconstruction shows why a cleared balance alone cannot establish that the right client received the right trade.
An October federal lawsuit describes a specific order-allocation mechanism, but the regulator’s allegations have not been adjudicated as proved facts.
The regulator’s October update describes an active surveillance review of intermediaries’ account governance and records. Its early observations focus on allocation, reconciliation and independent oversight.
The October orders complete a civil enforcement sequence involving a $3 million personal penalty. Western Asset’s separate settlement shows why allocation timing and evidence matter beyond the portfolio manager.
The change addresses an extra processing step when investment-adviser instructions arrive after trade date. Same-day allocation obligations and protections against favouring accounts remain in place.