Disclosure Requirements and Investor Protection: the compatibility of Commonwealth, state and territory laws in serviced strata schemes

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Journal Article
Australian Property Law Journal, 2009, 16 (3), pp. 262 - 278
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Policy objectives at the Commonwealth level call for unified and uniform disclosure as part of the law applying to managed investment schemes. Serviced strata schemes are a type of managed investment scheme and are therefore subject to Commonwealth objectives. However, the acquisition of an interest in a serviced strata scheme also comprises the purchase of an interest in real property, which is subject to laws applying in state and territory jurisdictions. The purpose of this article is to examine pre-contract disclosure mechanisms, applying at the state and territory level, to determine their compatibility with policy objectives advanced by the Corporations Act 2001 (Cth).The authors argue that the present regime does not promote a uniform response in accordance with Commonwealth policy. Consequently the authors advocate the adoption of Australia-wide standards in pre-contract disclosure, enabling state and territory disclosure provisions to work in synergy with Commonwealth aims and objectives.
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