Regulatory Alerts2026-03-20
Federal Court declares Macquarie contravened the Corporations Act in relation to Shield Master Fund
The Federal Court declared that Macquarie Investment Management Limited contravened the Corporations Act by failing to place the Shield Master Fund on a watch list for heightened monitoring. This ruling follows ASIC's investigation into the fund's collapse, during which Macquarie paid approximately $321 million to 3,000 affected members to restore their retirement savings. ASIC declined to seek pecuniary penalties due to the exceptional circumstances, including Macquarie's cooperation and the timely compensation provided to investors.
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