June 30, 2003
Brokers may have to produce records of financial advice by SMS
The Australian Securities and Investments Commission is considering requiring financial advisers to produce a detailed record of any advice given to a client, including by SMS, regardless of whether the advice resulted in a transaction.
The Australian Stock Exchange has cautioned against overwhelming the stockbroking industry with excessive disclosure requirements, as the firms themselves this week prepare for a showdown over the issue with the Parliamentary Secretary to the Treasurer, Senator Ian Campbell, reports smh.com.
"Execution-related telephone advice" (ERTA) should be broadened to include all advice relating to overseas markets, all situations regardless of whether the advice results in a transaction and any advice given via email or SMS text messaging .
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