Australia is relatively unique internationally in permitting business entities to issue stapled securities, which are used by many A-REITS and Infrastructure Funds. In this FRDP the merits of such structures are examined, reasons for Australia being an international outlier in permitting such structures considered, and the question posed of whether that is an appropriate regulatory approach.


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This paper was prepared by Professor Kevin Davis, Research Director of the Australian Centre for Financial Studies.

The ACFS Financial Regulation Discussion Paper series provides independent analysis and commentary on current issues in financial regulation with the objective of promoting constructive dialogue among academics, industry practitioners, policymakers and regulators and contributing to excellence in Australian financial system regulation.

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