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ADF Financial Services Consumer Council
October 29, 2009
tures, unlisted managed investment
schemes or products quoted on the
ASX-AQUA (a platform tailored
for managed funds, exchange traded
funds, exchange traded commodi-
ties and structured products);
once you have made one of these
types of investments to keep track
of how your investment is going;
when you are thinking about with-
drawing your investments; and
when you are thinking about mak-
ing additional investments.
Where do I find the intel?
The investment product issuer can
decide how they want to provide you
with the information, either:
by making the information available
on its website; or
by lodging the information with
If the investment product issuer
makes the information available on
its website, all you need to do is go to
their website and look for the 'contin-
uous disclosure' information. It should
be easy to find and in one place.
Some product issuers do not pub-
lish this information on their website
but instead submit it to ASIC.
If the business lodges the informa-
tion with ASIC, you have to pay a
fee to obtain the information from us.
However, make sure the information
is not available on the issuer's website
Visit ASIC's consumer and investor website,
FIDO at www.fido.gov.au or call 1300 300
630. Email ASIC with topics that interest
you to ADFcolumn@asic.gov.au
Intel -- the art of gathering information
Australian Securities and Investments Commission
chairman Tony D'Aloisio looks at how gathering
intelligence on companies can help your investing.
AS ADF members, you are
used to gathering intel-
ligence before you make
And when you're in pressure situ-
ations you often rely on status reports
and proven information before decid-
ing on a course of action.
The same principles apply to man-
aging your investments. For example,
you would want to know about it if a
business that you have invested in:
appointed an external administrator;
reduced the value of your invest-
ment by re-valuing its key assets
downgraded its forecast earnings.
These examples demonstrate how
important it is to have a regular flow
of information to keep track of your
Material information is information
that affects the price or value of your
investment. Making this information
available is called 'continuous
disclosure'. It's the law for companies
to make material information available
to investors about events as they
happen and it is up to the investment
issuer to assess whether they think the
information is material.
Keeping up to date with this
information is important because it
could have an impact on the nature
of your investment, how much the
investment is worth, or your ability
to alter your investment. Continuous
disclosure information for investments
listed on a public market such as the
Australian Securities Exchange (shares
or derivatives) is relatively easy to find
on the ASX website at https://myasx.
However, for investments that are
not listed on a public market, find-
ing this information is more difficult.
With unlisted shares, unlisted deben-
tures and unlisted managed investment
you can't always easily see the price
of the investment;
your ability to buy or sell your
investment may be restricted; and
there isn't ongoing supervision by a
market supervisor, such as the ASX.
Nevertheless, even with unlisted
investments, you do have a means
of finding out current information
because it is likely that the business (or
investment product issuer) must make
certain information available to you
from time to time.
What intel must be available?
The sort of information they must
provide can cover lots of things, includ-
ing information relating to changes in:
financial forecasts (expected earn-
ings of the investment);
valuations of assets that form part of
ratings by external ratings agencies
(Standard and Poors);
the appointment of an external
administrator, insolvency or finan-
management of the investment;
access to funds;
corporate actions (the issue of new
ASIC's benchmark disclosures for
unlisted property trusts, unlisted
mortgage funds and unlisted deben-
ASIC has recommended some
benchmark disclosure principles spe-
cifically for some investments. If an
investment issuer does not meet a par-
ticular benchmark, they must explain
They also need to tell you if there
are changes to the information provid-
ed in accordance with the benchmarks.
When to access this intel?
You might want to access the con-
tinuous disclosure information:
before you make an investment in
unlisted shares, unlisted deben-
STAY INFORMED: It is important to have a regular flow of information to
keep track of your investments.
Photo: LAC Aaron Curran
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