The Australian Securities and Investments Commission (ASIC) has established document production guidelines to streamline the process of submitting “books” in connection with its investigations or surveillance activities. These guidelines apply whether you are submitting documents voluntarily or in response to ASIC’s compulsory powers.
Definition of ‘books’
The term “books,” as used in the guidelines, refers to any form of recorded information, whether electronic or hard copy. This includes documents, files, and records in various formats, such as emails, spreadsheets, or any other relevant data.
ASIC developed these guidelines in consultation with law firms and financial institutions and has expressed its gratitude for their valuable feedback in refining the framework.
Benefits of following the guidelines
The guidelines offer several advantages for both the submitter and ASIC:
Time and cost efficiency: By following the preferred methods of submission outlined in the guidelines, you can significantly reduce the time and cost associated with producing the books. Likewise, this will reduce ASIC’s time and costs in reviewing the materials, allowing investigations to proceed more efficiently.
Avoid reproduction requests: If you submit materials that do not meet the requirements specified in the guidelines, ASIC may request that you reproduce the documents in accordance with the correct procedures. This could lead to delays, added costs, and inconvenience for your organisation.
Clarified communication: The guidelines describe how ASIC can assist in defining both the scope of the notice and the method of document submission. This collaboration aims to ensure clarity and efficiency throughout the process.
Why ASIC needs document production guidelines
ASIC may issue a written notice to produce, which legally compels you to submit books. Alternatively, ASIC may request voluntary submissions. In either case, the guidelines provide clear direction on how ASIC prefers the materials to be delivered. Following these guidelines helps ensure compliance and avoids any procedural delays.
How to use the guidelines
The guidelines specify:
- Preferred methods for producing books in both electronic and hard copy formats.
- Requirements for submissions when using a litigation support system.
While the full details are available in ASIC’s document production guidelines, a key takeaway is that electronic submission is highly encouraged in most circumstances. This preference is driven by the ease of handling and reviewing digital formats, which generally enhances both transparency and efficiency in the investigation process.
Key takeaways
By adhering to ASIC’s document production guidelines, both you and ASIC can benefit from a more streamlined, cost-effective process that ensures investigations and surveillance activities are conducted in a timely manner.
