A draft regulatory guide has also been proposed.

Consultation Paper 211, Facilitating electronic offers of securities: Update to RG 107 (CP 211) , which proposes updates to Regulatory Guide 107 Electronic Prospectuses (RG 107), aims to ensure that ASIC's guidance reflects current market practices and technological advancements.

The proposed updated guidance includes:

• an explanation of ASIC's view on the way the internet and other means of electronic distribution can be used in making offers of securities
• good practice guidance to assist persons using electronic distributing offers of securities via electronic means, and
• continuation of relief for the use of personalised or AFS licensees created application forms.ASIC Commissioner John Price said, 'Investors have increasingly been using the internet and electronic devices to receive important information. We want to ensure that our policy reflects these developments and assists companies using these platforms to comply with the law.

'Consistent with our focus on confident and informed investors, we have proposed a number of good practice suggestions to encourage disclosure in a way that promotes investor confidence', Mr Price said.

A key part of the update is clarifying to what extent electronic distribution of prospectuses is permitted under the law.

The proposed guidance clarifies that ASIC relief to make electronic offers is not needed in many instances and we propose to revoke class order Class Order [CO 00/44] Electronic disclosure documents, electronic application forms and dealer personalised applications for electronic prospectuses because it is unnecessary.

Submissions to CP 211 are due by 12 August 2013.