RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: OZschwitz: Radical statist plan to expropriate exchange Sun Apr 01, 2012 4:32 am | |
| THE corporate regulator and the Reserve Bank would have sweeping new powers over stockmarket operators - including the authority to seize control of their operations in extreme circumstances - under a set of proposals put to the government by a high-powered panel.
The Council of Financial Regulators - which includes the heads of Treasury, the Reserve Bank and the Australian Securities and Investments Commission - has also recommended ASIC and the Reserve have the right to impose listing rules and location requirements on exchanges and other pieces of crucial ''financial market infrastructure'' like clearing and settlement houses.
The Treasurer, Wayne Swan, commissioned the council last year to review the regulation of Australia's financial infrastructure, following his move in April to block, on national interest grounds, the attempted takeover of the Australian Securities Exchange by the Singapore Exchange.
Read more: http://www.smh.com.au/business/radical-plan-to-protect-exchange-20120330-1w3ji.html#ixzz1qm9hG64M
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