Centre for International Finance and Regulation (CIFR)

  • Ian Ramsay, George Gilligan, Paul Ali and Andrew Godwin

    Project Title

    An Analysis of Penalties under ASIC Administered Legislation

    Grant Scheme

    Centre for International Finance and Regulation (CIFR)

    Project Summary

    The project, based on a research project recommended by ASIC to Melbourne Law School, aims to conduct a holistic review of penalties over a 10 year period 2003-2013, to assess whether adquate penalties are available to ASIC and set at an appropriate level..

    Duration

    2014-2016

    Chief Investigators

    Professor Ian Ramsay
    Dr George Gilligan
    Associate Professor Paul Ali
    Mr Andrew Godwin

  • Andrew Godwin, Ian Ramsay, Guo Li

    Project Title

    Financial System Regulation: Is Australia's "Twin peaks" Approach a Model for China?

    Grant Scheme

    Centre for International Finance and Regulation (CIFR)

    Project Summary

    As financial institutions and the financial markets in China become more integrated and sophisticated, it is likely that China will need to reconsider its approach to financial regulation and review developments in other markets. The research team will consider the extent to which Australia’s “twin peaks” approach to financial services regulation provides a model for reform in China.

    Duration

    2013-2014

    Funding

    Chief Investigators

    Mr Andrew Godwin
    Professor Ian Ramsay
    Professor Guo Li (Peking University Law School)

  • Ian Ramsay, Paul Ali and Chander Shekhar

    Project Title

    Financial Literacy and Innovation in Superannuation Product Disclosure: Improving the Retirement Savings of Australians

    Grant Scheme

    Centre for International Finance and Regulation (CIFR)

    Project Summary

    Superannuation is the central pillar of Australia’s unique retirement savings system. Current estimates predict that only 35% of Australians will be adequately provided for in retirement. Factors including an aging population, increased life-expectancies and higher costs of living and the inadequacy of many superannuation balances suggest strongly the need for working Australians to actively manage their superannuation investments from earlier in their working lives. Our project responds to these issues by focusing on the potential for regulatory innovations in superannuation consumer information to change consumer behaviour. Specifically, our study proposes to survey 25-35 year old superannuation consumers to understand the interaction with superannuation information. Drawing on behavioural economics our study will provide regulators, the superannuation industry and consumer bodies with key insights about how superannuation information can assist consumers in their retirement savings planning. Our project will offer new insights about current behaviours and attitudes with the potential to improve retirement savings outcomes.

    Duration

    2013-2014

    Chief Investigators

    Professor Ian Ramsay
    Associate Professor Paul Ali
    Mr Chander Shekhar

  • Cally Jordan and Stephane Rousseau

    Project Title

    Success and Failure in Stock Exchange Consolidations: Implications for Markets and their Regulation

    Grant Scheme

    Centre for International Finance and Regulation (CIFR)

    Project Summary

    Stock exchanges engaged in a frenzy of consolidation efforts recently, some successful, others not. In 2011 alone, several high profile mergers, Singapore and Sydney, NYSE Euronext and Deutsche Borse, London and Toronto, met with regulatory, political and industry opposition. In one sense, the exchanges are only catching up with the technological realities of international markets. Traditional market institutions have been undergoing change and restructuring for decades. Consolidation began at national levels in response to competitive pressures, and then spread to the creation of regional and supra-regional institutions in an effort to achieve strategic and operational advantages. This project examines the process of stock exchange consolidations, and the alternatives, from a regulatory and market perspective and examines the reasons for success or failure. There are lessons to be learned from both the successes and the failures, with implications for the future direction of regulatory change and the market institutions themselves.

    Duration

    2012-2014

    Chief Investigators

    Associate Professor Cally Jordan
    Professor Stephane Rousseau (University of Montreal, Canada)

  • Paul Ali and Ian Ramsay

    Project Title

    Assessing the Governance of Institutional Investors when Investing in Complex Financial Products

    Grant Scheme

    Centre for International Finance and Regulation (CIFR)

    Project Summary

    Institutional investment in Australia is both highly innovative and complex. The global financial crisis and the large losses that have flowed from investments in complex financial products have focused attention on the sellers of those products. However, less attention has been paid to the institutional investors who invest in complex financial products and the role of the external parties that provide investment-related services to institutional investors. This project will be the first in-depth study of the legal structure of Australia institutional investment, in the context of investments in complex financial products, the legal relationships between the participants in the selection of those investments and the legal duties that arise out of those relationships. This project will also examine the legal protections available to institutional investors and their own investors, when investing in complex financial products, and whether regulatory reform is required.

    Duration

    2012-2013

    Chief Investigators

    Associate Professor Paul Ali
    Professor Ian Ramsay

  • Paul Ali and Ian Ramsay

    Project Title

    Evaluating the Impact of Securities Loans on Shareholder Rights and the Governance of Listed Companies

    Grant Scheme

    Centre for International Finance and Regulation (CIFR)

    Project Summary

    Securities loans are a common feature of the Australian and global financial markets, and describe dealings under which a trader or investor sources securities temporarily from institutional investors, such as a superannuation fund. This practice has generated considerable controversy in the midst of the recent global financial crisis due to the prominent role played by securities loans in facilitating short selling. In addition to this, securities loans carry broad implications for the governance of companies. Securities loans make possible vote buying, by enabling the voting rights attaching to shares to be separated from the economic ownership represented by those shares. This project will be the first in-depth Australian study of the corporate governance implications of securities loans. The project will also examine the implications for shareholder rights and consider whether regulatory reform is required to protect shareholders.

    Duration

    2012-2013

    Chief Investigators

    Associate Professor Paul Ali
    Professor Ian Ramsay

  • Andrew Godwin and Ian Ramsay

    Project Title

    Financial Products and Short-form Disclosure Documents - Challenges and Trends

    Grant Scheme

    Centre for International Finance and Regulation (CIFR)

    Project Summary

    Recent years have seen a global trend towards the adoption of uniform rules governing disclosure in relation to retail financial products. This trend has been reflected in the adoption of plain language techniques, the move towards short-form disclosure documents, and efforts to increase the quality of financial advice and financial literacy on the part of retail investors.This project will analyse the challenges and trends in relation to short-form disclosure documents from a comparative perspective. The research will consider the effectiveness of short-form disclosure documents, particularly in terms of increasing risk awareness, the interface between short-form disclosure documents and other measures (eg Plain language techniques and investor education) and whether there is a case for global or regional harmonisation. Developments in the following markets will be examined for this purpose: Australia, New Zealand, the United Kingdom, Hong Kong and Singapore.

    Duration

    2012-2013

    Chief Investigators

    Mr Andrew Godwin
    Professor Ian Ramsay