By Jesse Riseborough
Jan. 18 (Bloomberg) -- Australia's corporate regulator will be given more authority to regulate the nation's margin lending industry as it aims to provide greater protection for investors and reduce costs for providers.
From July 1, all margin lending providers will have to obtain a license from the Australian Securities and Investments Commission and ensure staff are properly trained to provide advice on the product, Nick Sherry, minister for superannuation and corporate law, said today in an e-mailed statement.
Talks involving the government and industry on the new regulations will start this week, the statement said.
To contact the reporter on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
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