ASIC has accepted an enforceable undertaking from Australia's largest retail broker, Commonwealth Securities, and the Australian Investment Exchange, both of which are members of the Commonwealth Bank of Australia group.Under the enforceable undertaking, CommSec and AUSIEX must appoint an independent expert to review their handling of client money and develop a plan to rectify any deficiencies found in their client money processes. The independent expert will report to CommSec and AUSIEX by mid-2014, following which CommSec and AUSIEX must provide and implement a remediation plan if the independent expert report makes recommendations to do so.Under the existing law, licensees must keep client money separate from their own. This is an important safeguard to protect the interests of retail investors, ASIC noted, as the clients' money may be at risk if a firm becomes insolvent.In a similar vein, Macquarie Bank has paid a penalty of A$175,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel, a peer review body that exercises ASIC's powers in relation to alleged breaches of market integrity rules. The penalty was imposed on Macquarie for failing, on two separate occasions in October last year, to deposit a total of $23 million ($14 million and $9 million respectively), received from a client into client accounts maintained by Macquarie and designated as clients' segregated accounts.In a busy day for the corporate regulator, ASIC also announced it had lodged a fourth submission with the Senate Inquiry into its, ASIC's, performance. In the document, ASIC detailed a series of changes to business practices which were negotiated with the CBA's Commonwealth Financial Planning business and locked into place under an enforceable undertaking. ASIC also included an update on the compensation scheme it has negotiated with CFP, and which has caused the financial planning firm to pay out about $51 million to more than 1100 of its clients.