ASIC ramps up Internet info
In response to the growing interest in share investing by Australians and as part of new regulations the Australian Securities and Investment Commission (ASIC) will offer access to disclosure documents lodged with the regulator.
In response to the growing interest in share investing by Australians and as part of new regulations the Australian Securities and Investment Commission (ASIC) will offer access to disclosure documents lodged with the regulator.
The access system will be called OFFERlist and be available free via the ASIC Web site and will allow the distribution of disclosure documents within the expo-sure period set under the new Corporate Law Economic Reform Program (CLERP) Legislation, which came into effect from March 13.
Under the new regulations, documents must be open to exposure for a period of seven to 14 days, dependent on the availability of the documents to the public, during which time securities may not be issued.
To allow increased access to documents ASIC is encouraging IPOs to supply full details, including Internet access, to the information.
ASIC chairman Alan Cameron says this approach is part of the new requirements under CLERP which aim to use examination by the market of offers that may have inaccurate or unreliable information.
"OFFERlist will enable the public to access and examine disclosure documents and contact ASIC if there are any concerns about the information disclosed in the documents," Cameron says.
"ASIC will assess the validity of any concerns and take action if needed. ASIC will also continue to review prospectuses."
AUTHOR
Jason Spits
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