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					    ASX SUBMISSION


FINANCIAL SYSTEM INQUIRY




        September 1996
CONTENTS
SUMMARY AND RECOMMENDATIONS

The Role of ASX in the Australian economy
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The importance of saving
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Competition and Technology
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Internationalisation
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Institutional Framework for Regulatory Agencies
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Regulatory Philosophy of the ASC
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The Burden of Regulation


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Regulation and the Corporations Law

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Risk Management, Uncertificated Holdings, Safe Custody and the
   Banking System
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1.     THE ROLE OF ASX IN THE AUSTRALIAN
       ECONOMY
1.1.   An Overview of the Australian Stock Exchange
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1.2.   Capital formation and liquidity
1.3.   Growth Small and Medium Enterprises
1.4. Recommendation




1.5. Debt market
2.     THE IMPORTANCE OF SAVING
2.1. The National Saving Context




2.2.   The Role of Taxation in Encouraging Voluntary Saving
2.3.   Recommendations




2.4.   Optimising Saving Through Superannuation
2.5.   Recommendations




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3.     COMPETITION
3.1.   Technology and history




3.2.   The causes of change




3.3.   Competition
3.4.   Recommendations
4.     INTERNATIONALISATION
4.1.   Foreign Investment




4.2.   International competition for cross-border equity flows




4.3.   Regional co-operation
4.4.   Foreign Listings
4.4.1.   Primary Listings




4.4.2.   Secondary Listings




4.5.     Trading in foreign companies listed on ASX




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4.6.       Key initiatives required to attract trading




4.7.       The impact of stamp duty on transfers of marketable
           securities




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4.8.       Recommendation
4.9.   Dividend Imputation




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4.10. Recommendations
4.11. Establishment of regional funds management operations in
      Australia
4.12. Recommendations



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5.    INSTITUTIONAL FRAMEWORK FOR
      REGULATORY AGENCIES
5.1. Present arrangements regulate competing activities and
     products differently




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5.2. Capital adequacy may raise special issues
5.3. Regulatory organisations need to be able to respond quickly
     to events in their areas of responsibility and to change.




5.4. The ‘super regulator(s)’ model
5.5. A 'lead regulator'




5.6. Improved policy co-ordination by Government
5.7. Competition regulation




5.8. Recommendations
6.    REGULATORY PHILOSOPHY OF THE ASC
6.1. Some regulatory organisations have diverse responsibilities.




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6.2. Improving markets
6.3. Recommendation



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7.    THE BURDEN OF REGULATION
7.1. Regulation is not free




7.2. The relative regulation of financial services




7.3. The relative regulation of markets
7.4. Recommendations
8.    REGULATION AND THE CORPORATIONS
      LAW
8.1. Structural problem of the law
8.2. Derivatives
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8.3. Recommendations




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9.   RISK MANAGEMENT, UNCERTIFICATED
     HOLDINGS, SAFE CUSTODY AND THE
     BANKING SYSTEM
9.1. Recommendations
BIBLIOGRAPHY

				
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