The discussion paper and draft prudential standard are available on APRA's website. 1.10 IOSCO issues consultation report on international disclosure principles for cross-border offerings and listing of debt securities by foreign issuers On 3 October 2005, the International Organization of Securities Commissions (IOSCO) announced that it has published for public consultation a report on the 'International Disclosure Principles for Cross-Border Offerings and Listings of Debt Securities by Foreign Issuers' (International Debt Disclosure Principles). The consultation report sets out substantive disclosure principles for documents used in public offerings and listings of vanilla" corporate debt securities. IOSCO believes that the International Debt Disclosure Principles are especially pertinent given the increased volume of public offerings and listings of debt securities in the international capital markets, and the increased participation of retail investors in those markets. The International Debt Disclosure Principles should provide useful guidance to securities regulators who are developing or reviewing their regulatory disclosure regimes for cross-border offerings and listings of debt securities. The based format for this project is expected to provide maximum flexibility and adaptability, so that the International Debt Disclosure Principles can potentially be applied to a broader range of debt securities. After the consultation process has concluded and all comments received from the public have been fully considered, IOSCO intends to issue a final version of the International Debt Disclosure Principles. A copy of the consultation report is available on the IOSCO website. 1.11 UK FSA publishes proposals for fund disclosures to retail clients On 30 September 2005, the UK Financial Services Authority (FSA) published a consultation paper CP05/13 'Bundled Brokerage and Soft Commissions Arrangements for Retail Investment Funds' which addresses the issue of how to ensure that investors in retail funds benefit from the enhanced disclosure regime being introduced for firms for bundled brokerage and soft commissions from 1 January 2006. The paper examines how the needs and expectations of investors in retail funds can best be met and proposes measures that will support the FSA's aim of ensuring fairness and accountability for those investors. The overall objective of the FSA's new regime is that investment managers should achieve value for money for any expenditure that is charged through to their
The discussion paper and draft prudential standard are available on APRA's website. 1.10 IOSCO issues consultation report on international disclosure principles for cross-border offerings and listing of debt securities by foreign issuers On 3 October 2005, the International Organization of Securities Commissions (IOSCO) announced that it has published for public consultation a report on the 'International Disclosure Principles for Cross-Border Offerings and Listings of Debt Securities by Foreign Issuers' (International Debt Disclosure Principles). The consultation report sets out substantive disclosure principles for documents used in public offerings and listings of vanilla" corporate debt securities. IOSCO believes that the International Debt Disclosure Principles are especially pertinent given the increased volume of public offerings and listings of debt securities in the international capital markets, and the increased participation of retail investors in those markets. The International Debt Disclosure Principles should provide useful guidance to securities regulators who are developing or reviewing their regulatory disclosure regimes for cross-border offerings and listings of debt securities. The format for this project is expected to provide maximum flexibility and adaptability, so that the International Debt Disclosure Principles can potentially be applied to a broader range of debt securities. After the consultation process has concluded and all comments received from the public have been fully considered, IOSCO intends to issue a final version of the International Debt Disclosure Principles. A copy of the consultation report is available on the IOSCO website. 1.11 UK FSA publishes proposals for fund disclosures to retail clients On 30 September 2005, the UK Financial Services Authority (FSA) published a consultation paper CP05/13 'Bundled Brokerage and Soft Commissions Arrangements for Retail Investment Funds' which addresses the issue of how to ensure that investors in retail funds benefit from the enhanced disclosure regime being introduced for firms for bundled brokerage and soft commissions from 1 January 2006. The paper examines how the needs and expectations of investors in retail funds can best be met and proposes measures that will support the FSA's aim of ensuring fairness and accountability for those investors. The overall objective of the FSA's new regime is that investment managers should achieve value for money for any expenditure that is charged through to their based
CORPORATE-LAW-ELECTRONIC-BULLETIN-October-2005.docx