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Securities Commission to get tough

The Securities Commission says it is going to crack down on promoters of syndicated forestry and property investments.

Thursday, October 30th 1997, 12:00AM

by Philip Macalister

The Securities Commission says its efforts to get promoters of syndicated property and forestry investments to provide better quality information to investors isn't working, so it's going to take a tougher line on disclosure.
Up until now the commission's stance has been to endeavour to get issuers to improve the quality of their offering documents.
"We are no longer confident that this strategy is achieving the necessary improvement in the quality of advertisements and offering documents," chairman Euan Abernethy says.

"It is the intention of the commission to use its powers of prohibition and cancellation more readily in the future."
Abernethy has reminded issuers and promoters that no advertisement should be likely to deceive, misled or confuse.
"If an advertisement offends against these requirements then the commission has the power to prohibit distribution of that advertisement."
Abernethy says the commission considers that often the quality of information about projected returns has not been good.
"There have been confusing statements about the nature of the projected returns, investment period, taxation effects and the procedures for realising benefits at the end of the investment period."
Abernethy says in some cases it appears projected returns have not been based on sound research and at other times the basis of research has not been properly applied.
Besides warning promoters to improve their act, the commission is also urging investors to be more careful.
It says prospective investors need to read the offering documents "with great care and to ensure they understand the manner in which projected returns are prepared, the assumptions upon which they are based, and the risks involved in the schemes."
The commission is urging investors to obtain and read a copy of a promoter's Investment Statement carefully before deciding to invest.
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