The ASC has a dual role of business facilitator and
law enforcer. Only certain types of expert report are of
interest to the ASC. The powers of the old Companies Code and the
Corporations law are compared. NCSC Policy Release
149 was dependent on the prescriptive powers given to
the NCSC in the Companies Code. The Corporations
Law does not give the ASC power to prescribe the
contents of expert reports. The requirement now is for
all necessary information. Research evidence is that some investors want
simpler prospectuses while others need more detail.
The ASC's examination of expert reports is after
registration of primary documents. This leads to a
necessity for experts to maintain adequate records.