The Australian Securities and Investments Commission (ASIC) has announced it has set additional conditions on Macquarie Bank Limited's Australian financial services licence based on numerous compliance failures that went undiscovered for many years. In a media release, ASIC said these compliance failures concerned the bank's futures dealing business and its over-the-counter (OTC) derivatives trade reporting. ASIC claimed one of these failures escaped detection for a decade. "The additional licence conditions are a significant administrative action to ensure Macquarie comprehensively addresses ASIC's concerns," said Simone Constant, ASIC commissioner, in the media release. "It cannot be a piece-meal or band-aid fix."