ASIC cp129 Non-standard margin lending

ASIC cp129 Non-standard margin lending - CONSULTATION PAPER...

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Unformatted text preview: CONSULTATION PAPER 129 Non-standard margin lending facilities: Improving disclosure for retail clients December 2009 About this paper This consultation paper sets out ASICs proposals on the disclosure requirements we expect a provider of a non-standard margin lending facility to comply with. The purpose of this paper is to seek the views of providers of margin lending facilities, investors, their legal advisors, and other interested persons, on the proposals we have developed. CONSULTATION PAPER 129: Non-standard margin lending facilities: Improving disclosure for retail clients Australian Securities and Investments Commission December 2009 Page 2 About ASIC regulatory documents In administering legislation ASIC issues the following types of regulatory documents. Consultation papers : seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. Regulatory guides : give guidance to regulated entities by: explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act) explaining how ASIC interprets the law describing the principles underlying ASICs approach giving practical guidance (e.g. describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations). Information sheets : provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reports : describe ASIC compliance or relief activity or the results of a research project. Document history This paper was issued on 21 December 2009 and is based on the Corporations Act as at 21 December 2009. Disclaimer The proposals, explanations and examples in this paper do not constitute legal advice. They are also at a preliminary stage only. Our conclusions and views may change as a result of the comments we receive or as other circumstances change. At the date of issue of this paper: the margin lending amendments made by the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 had not commenced; and the amendments to the Corporations Regulations proposed to be made as a consequence of that Act were in exposure draft form and therefore subject to change before being made final. Once the regulations are made final, we will update our guidance if necessary. CONSULTATION PAPER 129: Non-standard margin lending facilities: Improving disclosure for retail clients Australian Securities and Investments Commission December 2009 Page 3 Contents The consultation process ............................................................................. 4 A Regulation of margin lending ............................................................... 6 Margin lending facilities are financial products under Ch 7 ................... 6 What is a non-standard margin lending facility ........................................ 6What is a non-standard margin lending facility ....
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ASIC cp129 Non-standard margin lending - CONSULTATION PAPER...

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