Who does this affect?

All financial services providers.

What do you need to do?

Read the consultation paper and make your submission by 28 May.

Author
Michelle Levy  
Partner

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Michelle Levy  
Partner
T +61 2 9296 2437

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ASIC released a Consultation Paper “Facilitating online financial services disclosures” on 2 April. ASIC will provide relief to financial services providers so that they can give financial services information to clients by referring them to a website or by emailing a hyperlink. Superannuation fund annual reports can be provided on a website unless the client opts out.

There are some proposed conditions to the relief:

• Relief is available only with the consent of the client - paper documents are likely to still be needed for some clients.
• Emails must clearly identify the content of the relevant material so client can decide whether to get the information.
• Information must be presented so that client can read and print the information (no text messages).
• Information must be easy for client to find.
• Email must tell client that they can request a paper copy of information at no cost.

The Consultation Paper is available from ASIC’s website. The consultation period ends on 28 May and any submissions must be made by that date.

ASIC intends to issue a Regulatory Guide in September 2008.

For more information please contact:

• Michelle Levy +61 2 9296 2437
• Michael Mathieson +61 2 9296 2249
• Michael Chaaya +61 2 9296 2420