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Notice given 21 November 2006

2819  Senator Webber: To ask the Minister representing the Minister for Revenue and Assistant Treasurer—

(1) What action is the Australian Securities and Investment Commission (ASIC) taking against the directors of Westpoint Corporation Pty Ltd.

(2) Is the Minister aware of any proposed legislation or amendments that would have prevented the actions of the Westpoint directors.

(3) Is the Minister aware of any representation made by ASIC to have legislation amended that would have prevented mezzanine finance deals similar to those employed by Westpoint.

(4) Did ASIC believe that Westpoint mezzanine funds were regulated products.

(5) On what dates did KPMG sign off on Westpoint’s accounts in the past 6 years.

(6) What action did the Australian Prudential Regulatory Authority (APRA) and ASIC take when they first discovered that Westpoint was acting as a bank without a licence.

(7) Why did APRA and ASIC take a long time to realise that Westpoint was breaking the law.

(8) Why has APRA not increased the limits for Financial Industry Complaints Service jurisdiction.