Litigation funders' high fees and super profits would not be covered by the federal government's rules shake up , but the corporate regulator said the changes would strengthen existing "light-touch" regulation.
Appearing before the Parliamentary Committee on Corporations and Financial Services on Wednesday, Australian Securities and Investment Commission deputy chair Daniel Crennan, QC, said the new rules may not achieve the outcomes being sought.
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Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
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