Recent developments

FMA guidance on effective disclosure in offer documents
The Financial Markets Authority has published draft guidelines for securities issuers, directors and their advisers on how to prepare and present effective prospectuses and investment statements.

FMA guidance for Authorised Financial Advisers
The Financial Markets Authority has published guidelines for Authorised Financial Advisers, clarifying the FMA's expectations in connection with Code Standard 6 (d) of the Code of Professional Conduct for AFAs.

Australian Personal Property Securities Register now open
The Australian PPS Register commenced operation on 30 January.

FMA and SFO sign memorandum of understanding
The Financial Markets Authority and the Serious Fraud Office have signed a memorandum of understanding aimed at enhancing their working relationship and providing greater efficiencies between the two agencies.

Australia to introduce intercreditor framework
The International Financial Law Review has reported that a framework of key intercreditor principles has been developed by Westpac in conjunction with ANZ, CBA and NAB.

0800 Loan Stress
The Ministry of Consumer Affairs has set up a new freephone service "to help empower and protect consumers from being preyed on by unscrupulous loan companies".

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.