AUSTRALIA - Australian Securities and Investments Commission (ASIC) has released a consultation paper proposing to facilitate disclosure of financial services information through email and the internet.
ASIC's proposals would enable trustees of superannuation entities to use a website as the default method of delivering annual superannuation information, other than personal disclosures, such as periodic statements of a member's holding.
This would mean annual superannuation information would be treated in much the same way as company annual reports.
Jeremy Cooper, ASIC's deputy chairman and head of the Retail Investor Taskforce, said disclosure should be focussed on investor needs.
Cooper added: "We want to facilitate access to financial information in the format that investors find most useful. Used effectively, we believe that technology can enable more effective communication about financial services and empower consumers."
The proposals would mean clients would be notified via email when the relevant information was available from a website and with instructions on where the information could be found; or sending clients an email with a hyperlink to the relevant information.
ASIC invited comments on the proposals in the consultation paper. Submissions should be emailed to by 28 May 2008.
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