ASIC fastens Net regulations
Regulatory body the Australian Securities and Investments Commission (ASIC) has laid down guidelines covering which Internet-based security offerings do not fall under its jurisdiction.
ASIC will not seek to regulate an Internet-based offer accessible in Australia, according to ASIC Policy Statement 141, so long as it:
* is not targeted at Australians;
* indicates in a disclaimer which jurisdictions it is available in; and
* has no significant effect on Australian markets or consumers.
Issues targeting Australians must comply with Australian regulatory requirements, and must include a similar jurisdictional disclaimer in their electronic prospectuses. This will help avoid regulatory action in jurisdictions where the offer is not targeted.
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