Work undertaken by Macquarie Equities Limited under an enforceable undertaking has been rated effective and sustainable by an independent review, although there are still areas for improvement.Macquarie gave an enforceable undertaking in 2013, after Australian Securities and Investments Commission surveillance found recurring compliance deficiencies by MEL advisers and problems with the supervision of advisers.The problems, which involved a significant number of advisers, included failure to include statements of advice in client files, failure to demonstrate a reasonable basis for advice and poor client record keeping.MEL, a subsidiary of Macquarie Group, undertook to review the business, including its operating systems and the management of its legal and regulatory obligations.The enforceable undertaking was finalised last year but Macquarie agreed to a program of further work. It also agreed to appoint KPMG to review its work.ASIC said yesterday that, based on KPMG's review, there had been an overall improvement in the quality of documentation. There were still some areas for improvement.KPMG also identified opportunities for process improvement.ASIC said KPMG had not identified any inappropriate advice.MEL has an ongoing client remediation program and ASIC is still investigating a number of former advisers.