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Terms of Reference
Having regard to the recent collapses of Timbercorp and
Great Southern, the Committee will inquire into and report by 7 September 2009
on agribusiness managed investment schemes (MIS), with particular reference to:
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business
models and scheme structures of MIS;
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the
impact of past and present taxation treatments and rulings related to MIS;
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any
conflicts of interest for the board members and other directors;
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commissions,
fees and other remuneration paid to marketers, distributors, related entities
and sellers of MIS to investors (including accountants and financial advisers);
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the
accuracy of promotional material for MIS, particularly information relating to
claimed benefits and returns (including carbon offsets);
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the
range of individuals and organisations involved with the schemes, including the
holders of the relevant Australian Financial Services Licence;
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the level of consumer education and understanding of these schemes;
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the performance of the schemes;
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the factors underlying the recent scheme collapses;
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the projected returns and
supporting information, including assumptions on
product price and demand;
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the impact of MIS on other related
markets; and
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the need for any legislative or
regulatory change.
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