The hybrids supervision challenge

Greater supervision of hybrid issues is warranted … but the best response is more regulation.

I have often been critical of the quality and structure of many of the recent hybrid issues, so I welcome the announcement of the Australian Securities and Investments Commission last week that it was intending to introduce a form of supervision for the market and investor disclosures concerning hybrid issues.

However, I doubt the regulator’s efforts will have much impact unless it fully understands the evolution of the hybrid market in Australia.

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