6. October 2010 17:01
ASIC released a new consultation paper today. Consultation Paper 141 Mortgage schemes: Strengthening the disclosure benchmarks (CP 141) aims to consolidate the benchmark-based disclosure model for unlisted mortgage schemes outlined in ASIC’s Regulatory Guide 45 Mortgage schemes – improving disclosure for retail investors (RG 45).
CP 141 includes a summary of ASIC’s findings on its review of the disclosure against the existing benchmarks in RG 45 and sets out proposals to improve the benchmarks to produce better and more focused disclosure by:
- simplifying the benchmarks to make it easier to determine whether the benchmark is met or not;
- separating additional disclosure requirements from the benchmark;
- clarifying how the RG 45 benchmarks apply to feeder funds; and
- providing additional guidance on compliance with the ‘if not, why not’ approach.
Submissions are open until 26 November 2010, and may be made electronically to firstname.lastname@example.org. ASIC anticipates release of the revised regulatory guide in March 2011.