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Downloads: 527 Avg Rating: 0.00 By: Mr Aabhas Kshetarpal in 2014.
The law considers disclosure a key mechanism for the protection of consumers and/or investors. It is often regarded as an essential element in reducing the information asymmetry that accompanies the making of investment decisions. Where serviced strata schemes are concerned, the purchase of an investment unit combines the acquisition of real property with the acquisition of a financial product and financial services. Consequently, in this case, disclosure is obligatory under both the Corporations Act 2001 (Cth) and the various state and territory statutes dealing with vendor disclosure in conveyancing transactions. The purpose of this paper is to examine these disclosure mechanisms to determine the compatibility of state and territory laws with Commonwealth objectives. It is concluded that lack of consistency amongst state and territory laws is at variance with the unified approach advanced by the Corporations Act 2001 (Cth). Such variance potentially undermines the protection of investors. Therefore, the authors argue that the regulatory regime applying to serviced strata schemes should encompass Australia-wide standards, enabling state and territory disclosure provisions to work in synergy with Commonwealth aims and objectives.
Document Type: Research Paper Topic Area: Other Submitted: 5th Mar 2014
Institution: National Law University, Jodhpur Department: Law Country: India
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