Government opens doors to offshore investment vehiclesBY ALEX BURKE | FRIDAY, 25 AUG 2017 12:45PMThe Federal Government is seeking public consultation on the long-awaited legislation for the Asia Region Funds Passport and Corporate Collective Investment Vehicle (CCIV) regime. Related News |
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Featured Profile
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
As a provider of professional indemnity insurance to AFSL Holders across Australia the govt. needs to recognise the short comings of the current regulations regarding protection for investors in Australia. To maximise investors protection ASIC needs to firstly "police' effectively the AFSL Holders and the many hundreds not licensed who should be, and then establish a minimum sum of insurance required (which doesn't exist currently) and then provide a formula to establish a formula that each AFSL Holder has to carry. There also needs to be minimum standards of terms and wording so as to maximise the investors protection.Any foreign CCIV companies must have PI insurance meeting the required standards and enforceable under Australian law to the "required values"