aus govt to assume fin services powers f

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    MELBOURNE (Dow Jones)--Corporate Law Minister Nick Sherry said Friday the Australian federal government will take steps to transfer the power to regulate financial services from the states, in light of the collapse of margin lender Lift Capital Partners Pty. Ltd.

    The transfer was part of the federal government's steps to improve market transparency and regulation, he told reporters in Melbourne.

    The areas to be covered by the transfer of power also included regulation of margin lending and the text of disclosure documents, which will be rewritten in plain English to improve comprehension, Sherry said.

    The documents "may as well be written in Latin for all that Australian investors can understand them at the moment," he said.

    -By Andrew Harrison, Dow Jones Newswires; 61-3-9671-4323; [email protected]

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