PDS, Prospectus, FSG and other prescribed disclosures
The disclosure regimes are complex and give rise to significant risks if shortcuts are taken or if disclosure is treated as a marketing responsibility, isolated from other responsibilities (including responsibilities relating to the accuracy of disclosures having regard to other governing documents, investment policies, insurance terms etc).
We are confident that no firm has more experience than Greenfields with disclosure documents and the associated risks.
We prepare and review disclosures for advisers, superannuation funds, managed investment schemes, etc. and promote the use of plain-English, particularly for disclosures for retail clients. We assist in developing due diligence frameworks to ensure disclosures are not only consistent with the law, but other important documents (eg. trust deed, insurance contracts, investment policies).
Websites give rise to unique risks, particularly when they are used to promote financial products, are used to comply with product disclosure obligations or include financial calculators. We help our clients to develop their website content and also perform audits of websites to assist clients to identify risks.
Financial calculators are heavily regulated and must usually comply with stringent conditions in order to rely on class order relief. We have reviewed many financial calculators for a large number of financial services licensees. We use our broad knowledge and experience to benefit our clients.
Typically, the most significant risk with advertising arises from the laws relating to misleading and deceptive conduct. The most likely consequence of a breach is an action by a consumer or the regulator. And whilst marketing people will often take a “robust” view when it comes to what constitutes “misleading and deceptive”, the courts and the regulators rarely take a “marketing” approach.
We know what is likely to attract the attention of the regulator and provide our clients with practical, risk-based advice.
As our clients increasingly use social media, we have assisted them to manage the unique risks associated with these modes of communication and marketing that are more open and more difficult to control than traditional media.
For example, the use of bloggers to promote products and services raises numerous issues and risks. We help our clients navigate the social media legal landscape and manage the associated risks.
Promotions and contests
Each state has its own laws governing promotions and contests and failure to comply can expose businesses to potential fines. We help our clients comply with the relevant requirements and obtain the necessary permits and licences.