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Duffy must straighten out ASC mess



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JULIAN BEALE, M.H.R. Federal M em ber for Bruce Shadow Minister for Privatisation

MEDIA RELEASE

August 9, 1991

POPPY MOST STRAIGHTEN ΟΠΤ ASC MESS

Attorney-General Michael Duffy must straighten out the mess the Australian Securities Commission (ASC) has made of prospectus rules, the Federal Member for Bruce and Shadow Minister for Privatisation, Julian Beale, said today.

The ASC has adopted rules which will discriminate against small investors in favour of large investors.

The ASC regulations on so-called "pathfinder" prospectuses are stupid as well as unfair.

The ASC has decided to permit pathfinder prospectuses, those without a firm price for shares to be offered, to be

circulated to professional investors.

This ruling in favour of big investors will hinder the process of privatisation.

Successful privatisation should be aimed at small Australian investors including those who have not previously owned shares and including employees of the enterprises concerned.

Small investors need time to study the possible benefits of taking up shares in government enterprises.

Minister Duffy must step in and instruct the ASC to stop discriminating in favour of the big financial battalions.

This is the latest in a series of gaffes made by the Minister and his agencies.

P35/91

COMMONWEALTH PARLIAMENTARY LIBRARY MICAH

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