Govt reviews financial market licensing regime
The Federal Government has moved to review the financial market licensing regime in the context of not only high frequency trading but other changes in the financial services arena.
The Minister for Financial Services, Bill Shorten, said the Treasury had been requested to conduct the review to ensure the licensing framework arrangements under the Corporations Act were appropriate, so that the Australian Securities and Investments Commission (ASIC) had the best possible tools to supervise and regulate "both the more traditional public exchanges and more recent developments".
He said that while the review would examine the licensing of dark pools, it would also be directed at ensuring that the market licensing regime was "generally fit for purpose".
He said stakeholders would have an opportunity to provide their views as part of the review.
The review of the licensing regime has been welcome by the Financial Services Council.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
