ASIC's new document production guidelines have opened the
door to a much greater level of consultation with companies that
they issue with a statutory notice. The technical guidelines should
also bring a higher degree of standardisation and ultimately
efficiency to the process of responding to ASIC's requests.
ASIC has powers to compel the production of originals and copies
of documents (that it still defines as "books") whether
in hard copy or electronic form. It can issue a notice to do so
under various sections of the ASIC Act 2001, most commonly s30 and
s33, as well as various other Acts detailed in the new document
production guidelines. ASIC may also request the voluntary
production of documents.
