REP 5 Review of financial advising activities of real estate agents: Interim report
Released February 2000.
The aim of this interim report is to provide the preliminary conclusions of the Australian Securities and Investments Commission (“ASIC”) arising from its review of the financial advising activities of real estate agents, and to seek public comment on them. The reasons why ASIC has undertaken this review are set out in Chapter 2.
This report is accompanied by a detailed technical paper. That paper sets out some details about the nature of the real estate industry and the use of real property as a retail investment vehicle. It then details the regulatory requirements which apply to real estate agents and investment advisers under the relevant New South Wales law and the Corporations Law, respectively, in respect of their investment advisory activities. This analysis forms the basis of the comparison which is summarised in Chapter 4 of this report.