 In 2012, Saxo Bank was reprimanded by the Australian Securities and Investments Commission (ASIC) over its risk management practices, two days after announcing intention to develop retail online trading in Australia.The regulator imposed extra licensing conditions, including a requirement to hire an expert to check on its subsidiary Saxo Capital Markets Australia's systems to address credit risk, client risk and compliance risk.The ASIC Chairman, Greg Medcraft, said the additional licence conditions on Saxo Bank's AFSL reflected ASIC's priority to improve industry standards amongst financial services licensees.