Released 7 May 2007. Comments closed 9 July 2007.\

This consultation paper sets out our proposals to amend Policy Statement 140 Serviced strata schemes [PS 140] in relation to management rights schemes. These proposals are about:

• how the AFS licensing requirements apply to people giving financial product advice about participating in a management rights scheme;
• how the product disclosure regime in Part 7.9 of the Corporations Act 2001 applies to management rights schemes; and
• a range of other specific issues such as rental guarantees given by operators and furniture and fittings expenditure funds.

The development of these proposals were foreshadowed in Policy Statement 167 Licensing: Discretionary powers [PS 167] and Policy Statement 169 Disclosure: Discretionary powers [PS 169], following the enactment of the Financial Services Reform Act 2001 (the FSR Act).

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