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Has the Financial Services Reform Act fixed the problems with the regulation of securities and derivatives?

Saunders, Benjamin B. 2010, Has the Financial Services Reform Act fixed the problems with the regulation of securities and derivatives?, Journal of banking and finance law and practice, vol. 21, pp. 33-55.

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Title Has the Financial Services Reform Act fixed the problems with the regulation of securities and derivatives?
Author(s) Saunders, Benjamin B.
Journal name Journal of banking and finance law and practice
Volume number 21
Start page 33
End page 55
Total pages 23
Publisher Thomson Reuters
Place of publication New York, N.Y.
Publication date 2010
ISSN 1034-3040
Summary The Financial Services Reform Act 2001 (Cth) introduced new definitions of“derivative” and “financial product” into the Corporations Act 2001 (Cth), andreplaced the separate regulatory regimes governing futures contracts andsecurities with a single financial markets authorisation regime and a singleintermediary licensing regime. This article examines the reforms to evaluatewhether they have been successful. It is argued that there are definiteimprovements resulting from the reforms, and the scope for regulatoryarbitrage has been greatly reduced. However, numerous problems remain.There are significant differences in the regulation of securities and deriva-tives. The distinction between securities and derivatives is still based on legalcharacteristics, not economic function. There is uncertainty as to the exactscope and interaction of the definitions, particularly with respect to equityderivatives, warrants and options. The current law has thus not fullyaddressed many of the problems that existed prior to the reforms.
Language eng
Field of Research 180109 Corporations and Associations Law
1501 Accounting, Auditing And Accountability
1801 Law
Socio Economic Objective 940405 Law Reform
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2010, Thomson Reuters
Persistent URL http://hdl.handle.net/10536/DRO/DU:30085903

Document type: Journal Article
Collection: Law
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