ASIC is continuing to emphasise its enforcement role : from surveillance of financial reports through to prosecuting misleading financial services ads.

There is a debate raging between lawyers and ASIC: ASIC says disclosure documents are too long, the lawyers reply how can disclosure documents be “clear, concise and effective” when they have to comply with complex legislation which carries substantial penalties?

So ASIC has issued further guidance on how it expects licensees and their representatives to prepare Statements of Advice (SOAs).