IR 08-12 Facilitating online financial services disclosures
Wednesday 2 April 2008
ASIC today released a Consultation Paper proposing to facilitate disclosure of financial services information through email and the internet as part of the Retail Investor Taskforce work to improve access to such information.
ASIC recognises that many financial consumers and product issuers are seeking to communicate through electronic means and online information has the potential to make disclosure more interactive, innovative and user-friendly. It also has the potential to deliver cost savings for business in meeting legal requirements.
'Disclosure should be focussed on investor needs. We want to facilitate access to financial information in the format that investors find most useful. Used effectively, we believe that technology can enable more effective communication about financial services and empower consumers', said ASIC's Deputy Chairman and head of the Retail Investor Taskforce, Jeremy Cooper.
ASIC is proposing relief to enable providers to give their financial services disclosures by:
- notifying clients via email that the relevant information is available from a website and with instructions on where the information can be found; or
- sending clients an email with a hyperlink to the relevant information.
ASIC is also proposing relief to enable trustees of superannuation entities to use a website as the default method of delivering annual superannuation information (other than personal disclosures, such as periodic statements of a member's holding). The proposed relief will mean that annual superannuation information is treated in much the same way as company annual reports.
We invite comments on the proposals in the consultation paper. In particular, we seek feedback on the benefits and risks of allowing disclosures to be delivered by hyperlink. We are also interested in feedback on other areas of the law where ASIC could facilitate greater use of online disclosure.
Submissions should be emailed to policy.submissions@asic.gov.au by 28 May 2008.
Download the Consultation paper
ASIC Website: Printed 09/03/2010
