Government to cut red tape

disclosure federal government government

27 August 2007
| By Kate Kachor |
image
image
expand image

Chris Pearce

Regulations to allow ‘incorporation by reference’ in investor disclosure documentation have come into force, according to an announcement by the Federal Government.

The Parliamentary Secretary to the Treasurer, Chris Pearce, said the incorporation by reference is an important step in the Government’s move toward the simplification of Australia’s corporate and financial services regulatory system.

“Incorporation by reference permits financial services providers to incorporate certain information in the disclosure document, by providing a reference to where the information can be found, instead of reproducing such information in full each time in each disclosure documents,” he said.

According to Pearce, the changes will benefit consumers by reducing the length of the disclosure documents they must receive before making an investment decision.

The new regulations follow on from the Simpler Regulatory System Act 200 in further reducing red tape.

Pearce acknowledged the contribution made by stakeholders, including industry and consumer groups that were consulted in both the drafting of the regulations and the Act.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 week 4 days ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

2 months 1 week ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

4 weeks ago

The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March....

3 weeks 3 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

3 weeks 4 days ago

TOP PERFORMING FUNDS