P.M. BRIEFING : Law Affects Australia Investors

Australian investors scrambled today to meet a deadline to disclose more data on stock holdings and comply with a new securities law.

Stockbrokers said the law will bring the local market in line with tighter rules overseas but will also mean more paperwork for big institutional investors.

As of today, investors in publicly listed stocks must disclose holdings of 5% or more. Previously, they had to report any interest of 10%.

“This will add to the information in the market,” said Bryan Madden, research director of stockbroker Prudential Bache. “Australia has lagged so far behind other markets it needs this.”

Other brokerage houses agreed, but some expressed concern that additional filings would mean more paperwork and increased costs for big institutions.