ASIC’s updated Regulatory Guide 107 Fundraising: Facilitating electronic offers of securities aims to ease compliance requirements to facilitate and encourage the making of offers of securities through the internet and other interactive media. Offerors and distributors of electronic offers of securities should compare their current practices to ASIC’s good practice guide, to reduce the risk of regulatory attention.
Following public consultation since 2011, ASIC’s updates to Regulatory Guide 107 Fundraising: Facilitating electronic offers of securities (RG 107) released on 3 March 2014 aim to ensure that ASIC’s guidance reflects current market practice and advances in technology. The updated guidance includes:
- an explanation of ASIC’s view on the way the internet and other electronic means can be used in making offers of securities;
- an explanation of ASIC’s view on the way the internet and other electronic means can be used in making offers of securities; and
- a ‘good practice guide’ to assist offerors, distributors, publishers and other parties involved in distributing offers.
ASIC has confirmed its view that the use of electronic disclosure documents is permitted under Chapter 6D of the Corporations Act 2001 (Cth) and so has revoked Class Order [CO 00/44] Electronic disclosure documents, electronic application forms and dealer personalised applications.
ASIC has also continued relief for offerors to issue or transfer securities in response to a personalised or Australian financial services licensee created application form (see new Class Order [CO 14/26] Personalised or Australian financial services licensee created application forms).
See ASIC’s media release dated 3 March 2014.
For past consultation, see also:
- Consultation Paper 155 Prospectus disclosure: Improving disclosure for retail investors ( CP 155 ) released in April 2011;
- Report 261 Response to submissions on CP 155 ( REP 261 ) released in November 2011;
- Consultation Paper 211 Facilitating electronic offers of securities: Update to RG 107 ( CP 211 ) released in June 2013;
- the non-confidential responses to CP 211 ; and
- Report 385 Response to submissions on CP 211 ( REP 385 ) also released on 3 March 2014