National Australia Bank Limited
(ASX:NAB) has entered into an enforceable undertaking with the ASIC following an inquiry into an October 2012 share price spike on the ASX.
The undertaking relates specifically to NAB's responsibility for potential market misconduct undertaken by the trading personnel of a contractor, which led to the spike, according to ASIC.
The regulator says NAB has agreed to adopt specific monitoring and control systems for its direct market access trading and ASIC will supervise the certification of those systems for the next three years.
It says NAB will also make a voluntary contribution of $2 million to fund independent financial literacy projects in Australia.
ASIC Commissioner Cathie Armour says it is imperative that entities have adequate monitoring and control systems in place to ensure this type of activity does not occur
NAB generated a net profit of $5.46 billion in fiscal 2013.
