Regulatory Alerts2025-09-25
ASIC proceedings against Macquarie Investment Management Ltd for Shield contraventions
ASIC has commenced Federal Court proceedings against Macquarie Investment Management Ltd (MIML) after it admitted to contravening the Corporations Act by failing to properly monitor the Shield Master Fund. MIML has committed to paying affected members 100% of their invested amounts less any withdrawals, a resolution ASIC accepted in lieu of seeking civil penalties to ensure timely compensation. This outcome addresses the significant losses threatening thousands of superannuation members who invested hundreds of millions into the unproven fund between 2022 and 2023.
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