Released 13 February 2013. Comments closed 28 March 2013.

This consultation paper seeks feedback on reform proposals to strengthen the regulation of companies that issue debentures to retail investors.

For debenture issuers that raise funds from retail investors to on-lend, we are seeking feedback on our proposed capital and liquidity requirements. We are also proposing that these companies should provide a prospectus to existing investors when offering new debentures (including rollovers).

For the retail debenture sector, generally, we propose that the role of trustees and auditors should be enhanced.

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