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Review of the licensing regime for securities advisers

Office of Regulation Review submission

This submission was released in April 1995. The submission offers some observations and suggestions about the regulation of securities advisers.

These comments cover the process which the Commonwealth Government requires any regulatory authority to use when amending regulations, as well as the ORR views on some particular issues for consideration flagged by the Australian Securities Commission in the Issues Paper from its review of the licensing regime.

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  • Contents

Cover, Preface

1   Review of Licensing Regime for Securities Advisers

2   General Issues for Consideration
2.1   Identification of objectives and necessity of regulation
2.2   Benefits and costs of proposed regulations
2.3   Consistency of proposals with other rules and regulations
2.4 Review of regulations

3   Comments on Specific Issues and Matters for Consideration
3.1   Matter for consideration: How should high quality advisory services be measured? (page 10)
3.2   Matter for consideration: How important is it for investors to know the focus of the advisory services they obtain? (page 26)
3.3   Issue: How should the ASC regulate journalists and other media advisers? (page 30). Matters for consideration: Have the issues relating to media advice been correctly identified? Which, if any, of the above options are appropriate to regulate media advice? (page 31)
3.4   Issue: Is adequacy of resources an appropriate test of business competence and, if so, how should it be evaluated? (page 69)
3.5   Issue: What is the purpose of the security bond requirement and can this objective be achieved by alternative means? (page 74)

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