Commission critical of some finance companies
Finance companies will have to tell clients much more than they do now if the Securities Commission gets its way.
Monday, September 27th 2004, 8:15AM
by The Landlord
The commission has released a discussion document outlining what it believes the current law says finance firms who issue debt securities should be telling clients.There has been a surge of aggressive marketing of this kind of offering over recent years, the commission says.
"(We have) seen some investment statements and prospectuses that provide a good level of useful information for investors. (We have) seen some that do not."
Some finance companies "are not meeting the minimum requirements of the legislation... these finance companies need to consider the disclosures that they are making, and make changes where necessary to their disclosure documents."
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