Regulatory reform encourages digital disclosure in financial services

Historically the regulation of financial products in Australia has constrained innovative approaches to disclosure made possible by rapidly advancing technology. After a period of consultation, ASIC has, however, attempted to embrace the digital world by enabling certain financial services disclosures to be provided digitally. This is achieved by requiring investors to opt out of receiving digital disclosures, together with a requirement they be notified how to access the disclosure. This is a vast improvement upon the old regulatory regime, under which the actual consent of the investor was required to receive disclosure digitally. 

In substance, the reforms are achieved through two new legislative instruments, ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649 with the effect of those instruments explained in new ASIC