In support of its technologically neutral approach to financial services disclosure ASIC has published Regulatory Guide 221 Facilitating online financial services disclosures (RG 221) setting out:

• its interpretation of the online disclosure provisions under the Corporations Act; and
• the relief ASIC has given in Class Order 10/1219 to enable providers to deliver:
  1. PDSs, FSGs, and SOAs by sending a written notice (paper or electronic) with a reference to a website address where the disclosure can be found; and
  2. PDSs and FSGs by sending an email with a hyperlink to the disclosure if the client or the client’s agent agrees to receive disclosure in this way.
• 7 good practice guidance principles for online delivery of financial services disclosures to ensure that clients receive clear, concise and effective information as well as minimising their exposure to security risks where disclosures are delivered online.

ASIC’s view is that, generally, unless the law provides otherwise, a provider must obtain a client’s express agreement before delivering financial services disclosures online. A client’s consent can be verbal or in writing.