The Australian Securities and Investments Commission has commenced proceedings in the Supreme Court of New South Wales against Macquarie Investment Management, to determine the appropriate penalty for Macquarie's failings as the responsible entity for a share fund.Macquarie was the responsible entity for van Eyk Blueprint International Shares Fund in 2012 when the fund invested A$30 million in a Cayman Island fund (Artefact).ASIC said in a statement that Macquarie Investment Management had admitted to five contraventions of the Corporations Act. It failed to comply with its duties as a responsible entity by: failing to adequately address risks associated with the investment decision; allowing members to withdraw units from the fund when it was illiquid; and failing to make adequate and timely inquiries in relation to van Eyk's monitoring of the investment.In August 2014, Macquarie Investment Management terminated the fund (along with other van Eyk funds) with unitholders owed $30.9 million relating to the Cayman Island investment. Since then Artefact repaid $20 million and Macquarie paid the remaining $10.9 million plus interest last month.Macquarie issued a statement yesterday saying that in its settlement with ASIC it agreed that, as responsible entity, Macquarie Investment Management did not exercise sufficient care and diligence in relation to van Eyk's decision to invest in Artefact, the ongoing monitoring of van Eyk in relation to Artefact, and the fund's liquidity.ASIC said in a statement: "The Corporations Act places important obligations on responsible entities which protect the interests of investors."It was only a month ago that ASIC reported that another part of Macquarie Group, Macquarie Equities Limited still had work to do to fix compliance deficiencies that had been the subject of an enforceable undertaking entered into in 2013. 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.