Australia calls for regulation overhaul

AUSTRALIA - Australia on Wednesday called for increased co-operation among national securities regulators after revealing that local investors had been cheated of at least A$400m in just three years by illegal offshore telemarketing scams.

The Australian Securities and Investments Commission (Asic), the industry regulator, said it had evidence that more than 80 unlicensed overseas telemarketing companies, mainly based in Asia, had been involved in so-called "boiler room racket" scams between 1