AUSTRALIA: ASIC to Update and Consolidate Electronic Prospectus Guidance

Tuesday June 18 2013

ASIC on 17 June 2013, released a consultation paper proposing updates to current guidance to help facilitate email and internet distribution of offers of securities. A draft regulatory guide has also been proposed.

Consultation Paper 211, Facilitating electronic offers of securities: Update to RG 107 (CP 211) , which proposes updates to Regulatory Guide 107 Electronic Prospectuses (RG 107), aims to ensure that ASIC`s guidance reflects current market practices and technological advancements.

The proposed updated guidance includes:

• an explanation of ASIC`s view on the way the internet and other means of electronic distribution can be used in making offers of securities;
• good practice guidance to assist persons using electronic distributing offers of securities via electronic means; and
• continuation of relief for the use of personalised or AFS licensees created application forms.

A key part of the update is clarifying to what extent electronic distribution of prospectuses is permitted under the law.

The proposed guidance clarifies that ASIC relief to make electronic offers is not needed in many instances and ASIC propose to revoke class order Class Order [CO 00/44] Electronic disclosure documents, electronic application forms and dealer personalised applications for electronic prospectuses because it is unnecessary.

Submissions to CP 211 are due by 12 August 2013.

Click on the above link for more details