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Government Regulation And The Stock Market


Government Regulation And The Stock Market
The companies that live or die with the stroke of a regulatory pen
By Tim Boreham, Editor, The New Criterion
Deep in any corporate vault lies a piece of paper or two that affirms the right of an enterprise to operate, such as articles of incorporation, a banking or broadcasting licence or a mining permit.
Apart from diligent company secretaries, no one else will give the paperwork a second thought. But when this right to operate is threatened, the anxiety level quickly rises.
Nothing exemplifies the dangers more than the stricken
Crown Resorts ((CWN)), which faces a crucial NSW decision on whether it should hold the right to operate Sydney’s second casino. The Independent Liquor and Gaming Authority has deemed the Packer-linked entity to be not suitable, but it’s up to Macquarie Street to decide. ....

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