ASIC and the property sector
A presentation by Professor Berna Collier, ASIC Commissioner, to the 2004 Listed Property Trust Leaders Summit, 18 May 2004.
Good morning everyone and thank you for inviting me to speak here today.
My topic for today is ASIC and the property sector. This is an interesting topic in itself, given that ASIC's jurisdiction in relation to property is limited.
Therefore, my presentation this morning will be divided into three sections.
First, I would like to talk about ASIC's role in regulating listed property trusts, focussing in particular on the Product Disclosure Statement.
Second, I would also like to discuss the regulation of direct investment in property.
Concerns about investment seminar operators and property spruikers, and the collapse of Henry Kaye and the National Investment Institute's operations, have focussed attention on the framework for regulating advice about, and promotion of, direct investment in real estate. The question has been asked whether there is a need for law reform in this area. I would be interested in hearing what you—as representatives of the sector that issues managed investments in property—have to say on this theme.
Finally, I would be interested to hear of your concerns in relation to regulation of property, and in particular investment advice so far as it is relevant to property, across the board.