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Finance Broking Australia-regulatory guide 221 facilitating online financial disclosures

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Regulatory Guide 221 - Facilitating online financial disclosures CPD

ASIC aims to facilitate the online delivery of financial services disclosures.

To facilitate the use of online disclosure, ASIC has:
•   Explained how delivery methods can be used relying on the online disclosure provisions under Pts 7.6–7.9 of the Corporations Act 2001 (Corporations Act);
•   Given class order relief in Class Order [CO 10/1219] for Product Disclosure Statements (PDSs), Financial Services Guides (FSGs) and Statements of Advice (SOAs); and
•   Explained whether a provider is required to obtain a client’s express consent before delivering disclosures online (see Section B).

ASIC have also given good practice guidance on online disclosure to ensure that clients continue to receive clear, concise and effective information where disclosures are delivered online (see Section C).

The appendix summarises how different types of financial services disclosures can be delivered online under the law.

Guidance and relief for online disclosure

This section sets out:
•   How delivery methods can be used to deliver disclosures online (see RG 221.15–RG 221.27);
•   ASIC’s relief in [CO 10/1219] for PDSs, FSGs and SOAs (see RG 221.21–RG 221.25); and
•   Whether a provider is required to obtain a client’s express consent before delivering disclosures online (see RG 221.28–RG 221.31).

Good practice guidance

ASIC encourages providers to apply their good practice guidance when delivering disclosures online. In some cases, good practice guidance reflects regulatory requirements for delivering certain financial services disclosures.

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