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Regulatory

Labor supports financial services export push

CHRIS NICHOLLS  |  MONDAY, 27 AUG 2007
The Shadow Minister for Trade and Regional Development, Simon Crean, has announced the Labor party's support for the Investment and Financial Services Association (IFSA) May discussion paper on exporting Australia's financial services.

Debenture devil in the detail

The high profile failures of debenture issuers such as Westpoint, Fincorp and Bridgecorp have prompted ASIC to release a consultation paper detailing tighter disclosure rules on debenture products. But is more disclosure enough to protect retail investors?

ASIC to tighten debenture regulations

CHRIS NICHOLLS  |  FRIDAY, 24 AUG 2007
The Australian Securities and Investments Commission (ASIC) has released a consultation paper proposing tighter regulation of the unlisted, unrated debenture market following the collapse of companies like Westpoint and ACR.

Shorter PDSs are go

CHRIS NICHOLLS  |  FRIDAY, 24 AUG 2007
Regulations to allow shorter 'incorporation by reference' product disclosure documents (PDSs), introduced in April by the Parliamentary Secretary to the Treasurer Chris Pearce, have come into force today.

SEQUAL toughens 'no negative equity' rules

CHRIS NICHOLLS  |  WEDNESDAY, 22 AUG 2007
Reverse mortgage lenders group SEQUAL has released an improved code of conduct, tightening conditions on 'no negative equity guarantees' and providing better protection to retirees.

APRA bans former Zurich CEO

CHRIS NICHOLLS  |  TUESDAY, 21 AUG 2007
The Australian Prudential Regulation Authority (APRA) has disqualified another former Zurich chief executive officer, Malcolm Murray Jones, from directorial or senior management roles, six months after investigations concluded.

Howard flags infrastructure fund

CHRIS NICHOLLS  |  TUESDAY, 21 AUG 2007
The Prime Minister John Howard has announced plans to establish an infrastructure fund similar to that proposed by the Labor party, with a minimum of one per cent of budget surpluses to go into the fund.

AIMA aims for greater hedge fund disclosure

CHRIS NICHOLLS  |  THURSDAY, 16 AUG 2007
Amid the background of hedge fund collapses both locally and in the US, the Alternative Investment Management Association of Australia (AIMA) today released new risk disclosure guidelines for Australian hedge funds.

Avoid mistakes and we'll minimise regulation: Pearce

ALEX DUNNIN  |  WEDNESDAY, 15 AUG 2007
If the financial services industry wants less government regulatory intervention it should introduce more self-regulation and ensure that the industry makes fewer mistakes, said Chris Pearce, parliamentary secretary to the Treasurer.

Yes to commissions, no to shelf fees

CHRIS NICHOLLS  |  WEDNESDAY, 8 AUG 2007
The joint parliamentary committee on corporations and financial services has delivered a 266-page report arguing against the removal of commissions on super products but calling for greater transparency and the removal of shelf fees.