ASIC has announced changes to the ePayments Code that will make it easier for subscribers to give information to their customers in a digital form.

Under the changes, subscribers to the ePayments Code will be able to give documents required under the ePayments Code to consumers digitally as the default option, unless the consumer opts out.

This change reflects two legislative instruments made in 2015 to clarify when financial services licensees can make electronic financial services disclosure to clients. Background.

The changes include a new clause 21.1 which provides that if a Code subscriber is required to give a user any information under the Code, the subscriber can give the information electronically by sending the information by a form of electronic communication nominated by the user, notifying the user that the subscriber has made the information available electronically, or another manner agreed with the user, if the following conditions are met:

• the subscriber must provide an effective and convenient process for users to update their contact details,
• it must be easy for users to retrieve, read and store the information,
• if information is given by notifying a user that the information is available electronically:
  i.the information must be available electronically in that manner (relevant electronic manner) for a reasonable period,
  ii.unless the user has agreed to receive information, or information of that type, in that manner – the subscriber must have given the user at least seven days’ notice that it may use the relevant electronic manner to make the information, or information of that type, available to the user unless the user elects, by a means reasonably specified in the notice, not to receive information in that manner, and
  iii.the user must not have made an election referred to in clause 21.1(f)(ii), and
• the user must be able to request a paper copy of the information for seven years from the time the information is given.

New Clause 21.2 has similar provisions when a Code subscriber has an electronic facility for the download of information by customers.

ASIC has also released an updated version of Regulatory Guide 221 Facilitating digital financial services disclosure (RG 221) which refer to the modification of the ePayments Code.