mis advisers pocketed 10pc, page-11

SDE,

Sorry again, but now I found all MIS were indeed approved by ASIC.


http://www.glgroup.com/News/Forestry-and-MIS-Projects-In-Australia-42806.html

Quote from the above aricle:

"In Australia, MIS schemes are put (the) through the government regulator known as the ASIC (Australian securities and investments commission) Before a forester can ask for public monies for MIS scheme, 2 things must happen

"1) ASIC approves of the MIS scheme under the Managed Investments Act and

"2) the Australian Taxation Office approves of the product known as the Product Ruling so that investors / growers are legible to claim an upfront tax deduction for their investment into the MIS Scheme."

I was wrong when I said the tax-rulings were approved by ASIC, but ASIC indeed had approved the schemes before the ATO Tax-rulings could be issued.

This explains why ASIC would virtually never bring all the MIS crooks to justice, if there were no tremendous external pressures like mass actions.