Archived News for Finance Sector Professionals
ASIC has released a consultation paper on proposals that would revise ASIC’s policy on how debt securities can be described in offer documents and the preferred form of advertising for these instruments.
The proposals are in response to submissions from industry participants expressing concerns about our decision in June last year to discontinue the no-action position in relation to certain non-compliance with the debenture naming restrictions.
Consultation Paper 151 Debt securities: modifying the naming provisions and advertising requirements sets out ASIC’s proposals to:
- introduce class order relief to provide for a new class of debt security (in addition to the current classes of ‘debenture’, ‘mortgage debenture’ and ‘unsecured note’) called a ‘note’, providing certain conditions (including sufficiency of security) are met; and
- revise ASIC’s advertising standards for offers of debt securities and interests in mortgage schemes, in particular the standards relating to risk of loss and comparing these types of securities with bank deposits.
ASIC to examine retirement advice
The Australian Securities and Investment Commission (ASIC) has announced it will be examining the quality of financial advice via ‘shadow shopping’ research in 2011, with a focus on advice provided to people at retirement.
ASIC launches new MoneySmart website and National Financial Literacy Strategy
The Australian Securities and Investment Commission has launched a new personal finance website called MoneySmart to help people make good financial decisions by providing free, independent and unbiased information, tools and motivation.
Bank of Melbourne to be relaunched
Westpac has announced it will relaunch the Bank of Melbourne in August.
Consumer confidence in WA falls
Consumer confidence in Western Australia's economic performance has dropped to its lowest level since the global financial crisis, a recent survey shows.
Australia holds ranking in venture capital and private equity index
The 2011 edition of the Global Venture Capital and Private Equity Country Attractiveness Index has ranked Australia seventh out of 80 participating countries, behind the United States, the UK, Canada, Singapore, Switzerland and Japan.
New appointments to Takeovers Panel
Six new members have been appointed to the Takeovers Panel, which provides a mechanism for peer review of takeovers activity.
Forum to focus on Government tax reform agenda
The Australian Government is to hold a Tax Forum at Parliament House in Canberra on Tuesday October 4 and Wednesday October 5, to be attended by around 150 representatives of community groups, businesses, unions, and governments, as well as academics and tax practitioners.