A Federal Court hearing into the collapse of Storm Financial has resumed in Brisbane.
Storm's clients, many of them retirees and small investors, lost about $830 million when the Townsville-based financial services company folded in early 2009.
ASIC last year made a deal with the Commonwealth Bank over the matter, guaranteeing $260 million would be made available to customers who invested through Storm Financial.
Macquarie is also at the centre of a class action instigated by a group of investors who are seeking compensation from the bank on the grounds that it engaged in "unconscionable conduct" by approving multi-million dollar loans to people who could not repay them when the price of shares fell.
ASIC barrister Alan Myers QC started summing up the watchdog's case on Monday.
Closing submissions are expected to run for nine days.
Dozens of investors have returned to Brisbane for the final stage of the hearing.