ASIC proposes e-disclosure
The corporate regulator has released a consultation paper proposing financial services providers be able to fulfil disclosure requirements via email.
The Australian Securities and Investments Commission (ASIC) said the paper is a response to growing consumer and product provider demand for an electronic and more user-friendly and efficient means of communicating disclosure.
“Disclosure should be focused on investor needs,” said ASIC deputy chairman and head of the retail investor taskforce Jeremy Cooper.
“We want to facilitate access to financial information in the format investors find most useful. We believe technology can enable more effective communication about financial services and empower consumers.”
ASIC proposes that financial services providers be able to notify clients via email that relevant disclosure information is available from a particular website and either include a hyperlink to that website or include instructions on how to find it.
ASIC also proposes that trustees of superannuation entities be able to deliver annual super info (other than personal disclosures) electronically — in much the same way as company annual reports are delivered.
The consultation paper may be accessed via the ASIC website — www.asic.gov.au.
Submissions close May 28.
AUTHOR
George Liondis
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