ASIC has released Consultation Paper 224 to seek submissions on a range of proposals that will facilitate financial services providers using electronic communications with consumers. ASIC is also seeking to facilitate more innovative forms of disclosure, such as interactive product disclosure statements. These proposals appear to offer benefits for both consumers and providers of financial services. We will continue to monitor developments in this space.
ASIC has released a new Consultation Paper CP 224 Facilitating electronic financial services and disclosures aimed at enhancing investor engagement with disclosure. ASIC is seeking feedback on proposals to make it easier for financial services businesses to deliver financial services disclosures to customers electronically while preserving choice for consumers and sees benefits for both the consumers and the financial services businesses in doing so.
The proposals also encourage the use of more innovative formats for Product Disclosure Statements, such as interactive Product Disclosure Statements. ASIC proposes making a class order to remove any legislative barriers to such innovations.
ASIC is consulting on updates to Regulatory Guide RG 221 Facilitating online financial services disclosures to reflect these proposals and to remove uncertainty about the circumstances in which electronic communications can be used.
Submissions are due by 16 January 2015.