CBA (ASX:CBA) share price on watch after being hit with civil proceedings by ASIC

The Commonwealth Bank of Australia (ASX: CBA) share price will be on watch on Tuesday.

This follows the release of an announcement after the market close on Monday.

What did CBA announce?

This afternoon Australia’s largest bank announced that the Australian Securities and Investments Commission (ASIC) has commenced civil proceedings in the Federal Court against Commonwealth Securities Limited (CommSec) and Australian Investment Exchange Limited (AUSIEX). Both businesses are subsidiaries of CBA.

According to the release, the proceedings relate to errors that were reported to ASIC by CommSec and AUSIEX.

CommSec and AUSIEX have engaged…