ASIC has today released an information sheet covering document production guidelines for people who produce books, including documents and any other record of information, to ASIC in connection with investigations or surveillance activities.
Information Sheet 242 Document production guidelines (INFO 242) will help people understand how to produce documents to ASIC. This can be in response to a notice to produce or on a voluntary basis.
INFO 242 explains:
- the preferred methods for producing books to ASIC in electronic and hard copy form
- the benefits of producing books in accordance with the guidelines
- the consequences of not following the guidelines, and
- how ASIC requests books to be produced when using a litigation support system.
INFO 242 addresses requirements in the Australian Securities and Investments Commission Act 2001 (ASIC Act); the National Consumer Credit Protection Act 2009; the Superannuation Industry (Supervision) Act 1993; and the Insurance Contracts Act 1984 when ASIC issues a notice to produce books and was developed following consultation with law firms and financial institutions.