New ASIC Class Order relating to online delivery of certain documents

Tuesday 14 December 2010 @ 10.31 a.m.

The Australian Securities and Investments Commission (ASIC) has made ASIC Class Order [CO 10/1219] under Corporations Act 2001 s 951B(1)(c) and 1020F(1)(c) has been added to the Corporations Service and is now available for subscribers to the TimeBase Corporations service.

The broad purpose of the class order is to facilitate the online delivery of :

  • Product Statements (PDS) a document that explains to an investor what financial product they are buying

  • Financial Services Guide (FSG) a document that explains to an investor what financial services they can access.

  • Supplementary FSG is a document that updates the information contained in the FSG or corrects a misleading or deceptive statement or an omission in the FSG.

  • Statement of Advice (SOA) is a document that explains to an investor what personal advice they are being given. Generally it must be given at the same time as the advice.

See also post relating to Regulatory Guide 221.

Subscribers can find more detail in the Explanatory Statement provided with the order. If you are not a subscriber contact us to find out more about our products or apply for a free trial.