Multimedia Prospectuses and Other Offer Documents
By Dr Elizabeth Boros and ASIC

This Issues Paper forms part of a collaborative project, which investigates the impacts for the administration of corporate and securities law in Australia of developments in electronic communications. This Issues Paper examines one of these developments, namely the possibility of including multimedia material in prospectuses and other offer documents.

The questions being considered in this Issues Paper may require from ASIC:

• an operational response - for example, ASIC staff have traditionally regulated text-based prospectuses. Multimedia prospectuses may require ASIC staff to develop a new range of skills;
• a policy response - for example, consideration of the policy ASIC should adopt in relation to exercising its discretionary powers if issuers want to distribute a multimedia prospectus, but are only able to lodge a text-based prospectus;
• a technological response - for example, what technological capabilities does ASIC need to develop to best integrate the benefits of modern technology into its administration of the Corporations Law.

Some of the issues raised may also prompt debate about whether the Government should consider possible law reform.

ASIC will use comments received on the issues raised by the paper to assist it to identify which of the issues are likely to be most critical to ASIC and its stakeholders; to identify and prioritise the allocation of resources to deal with those issues; and to develop appropriate responses.

ASIC invites your comments on the issues for consideration in this paper. Comments are due by Friday 18 February 2000 and should be sent to Ms Mei-lin Loh.

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