ASIC simplifies electronic disclosure under ePayments Code


The Australian Securities & Investments Commission (ASIC) has today presented changes to the ePayments Code that will facilitate provision of information from businesses to their customers in a digital form.

Under the changes, subscribers to the ePayments Code will be able to provide information to their customers by making it available electronically and notifying the consumer.

ASIC Deputy Chair Peter Kell said,

‘The changes mean that documents under the ePayments Code can be delivered to consumers digitally as the default option, unless the consumer opts out. This will reduce the costs of printing and mailing for businesses while preserving choice for those consumers who wish to receive paper.

‘Promoting the delivery of information in an electronic form is consistent with ASIC’s objectives, as well as the nature of payments governed by the Code.

‘ASIC encourages industry to harness the opportunities of digitisation and to adopt the use of more engaging forms of communication that can boost consumers’ understanding of financial services and products’.

In July 2015, ASIC published RG 221 and two relief instruments under the Corporations Act, which also facilitated the use of innovative digital disclosures.

For a summary of the most recent changes to the ePayments Code, click here.

For the full announcement from ASIC, click here.

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ASIC simplifies electronic disclosure under ePayments Code

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