Short selling bill passes
Consultation is now expected to begin with the financial services industry on the regulatory environment that will prevail following the passage of the Federal Government’s legislation banning naked short selling.
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, said the bill had been passed unamended and would serve to protect retail investors and Australian companies by enhancing market transparency.
“The successful passage of this measure means that market certainty is restored and Treasury can commence further detailed consultations with industry about the details of the regulations,” he said.
“Under the new regime, market players are left in no doubt that naked short selling is banned, while covered short sales must be disclosed to the regulator,” Sherry said.
AUTHOR
Mike Taylor
Recommended for you
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
Financial advisers will have to pay around $10.4 million of the impending $47.3 million CSLR special levy but Treasury has expanded the remit to also include super fund trustees and other retail-facing sub-sectors.
While social media can have positive financial influence, the overwhelming risks signal a greater need for affordable advice as Australians continue to seek financial education on social media.
Fitzpatricks Advice Partners has released a guide on building a national advice firm with the argument that these firms are crucial to facilitating growth in the struggling profession.
