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The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, has revealed that the Financial Services Working Group is close to finalising new disclosure documents covering margin loans, superannuation and managed investment products.
The minister told the opening of an Australian Securities and Investments Commission (ASIC) Summer School in Melbourne that the documents would amount to only six pages and consumer testing had already suggested they were easier to navigate, use and understand.
Bowen also pointed to the reasons for the Government legislating to have the ASIC carry responsibility for supervision of financial market operators such as the Australian Securities Exchange.
He said the change would bring Australia into line with other jurisdictions and that as part of the new regime, ASIC would have the power to set market integrity rules, which would be released for discussion next week.
