CIBC gives undertaking

THE Australian Securi-ties and Investments Commission has accepted an enforceable undertaking from WA licenced securities dealer CIBC World Markets Australia Limited.

During the course of an investigation the ASIC became concerned about CIBC’s compliance with its obligations under licence conditions and the Corporations Law.

In order to address the ASIC’s concerns, CIBC has agreed to implement measures in a number of areas including staff supervision and training, record keeping and its procedures for opening new client accounts.