The Australian Securities & Investments Commission announced that the Federal Court has declared Macquarie Investment Management Limited (MIML) contravened the Corporations Act by failing to place the Shield Master Fund (Shield) investment options on a watch list for heightened monitoring. Based on agreed facts and admissions, the Court found MIML should have watch listed Shield so it could be subject to further monitoring such as additional reporting, due diligence, performance monitoring or other follow-up action. ASIC brought the case after accepting a court-enforceable undertaking under which Macquarie agreed to repay over 3,000 affected members 100% of the amounts invested in Shield less any amounts withdrawn, with approximately AUD 321 million paid in September 2025; the Court noted ASIC did not seek a pecuniary penalty due to what it considered exceptional circumstances, including those payments. ASIC continues to investigate misconduct relating to the Shield and First Guardian Master Funds and noted its compensation proceedings against Equity Trustees Superannuation Limited (Shield) and Diversa Trustees Limited (First Guardian) are continuing, alongside coordination with the Australian Prudential Regulation Authority on issues of shared regulatory interest.

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