While the headline on ASIC's media release was "ASIC continues crackdown on hybrids", the well-flagged report, released by ASIC yesterday, was just that - a report. As a report, it provides a very comprehensive review of the issuance and marketing of hybrid securities in Australia since the GFC, but mostly since November 2011.It also chides 11 issuers for their sales practices over recent hybrids.As for any crackdown, ASIC notes that it will be looking for possible misconduct in the sale of hybrids, including the use of inappropriate labels or acronyms, and unwarranted comparisons with senior debt and covered bonds. ASIC will crackdown on the "spruiking" of high yields and the brand name of the issuer when these aren't balanced with information about product risks, and ASIC wants to improve investor education.  The report will provide a handy reference for any student of the subject matter, and, ideally, for any hybrid investor who is still unsure of the risks attached to hybrid securities. Oops! ASIC does not want the term securities used, as hybrid notes are anything but secure.ASIC notes that more than A$18 billion of hybrids have been issued by banks and corporates since November 2011, and the sale process is highly intermediated, with offers being distributed through networks of wealth management, private banking, stockbroking and financial advisory firms. Yet, of the 75,000 investors who own hybrid notes, less than half say their financial advisor played a role in their most recent investment.ASIC observes that this group of 75,000, of which around two-thirds are self-managed superannuation funds, is a very small group compared with the 34 per cent of adults with a direct investment in shares. Nevertheless, it is concerned that savings that are intended to provide an income in retirement are being invested in instruments that may fail to do this.ASIC reiterated the warnings it has made to investors in the past about long investment terms and the dangers of expecting early redemption; the ability, and even the obligation, for non-cumulative coupon payments to be suspended; the subordination of hybrids, and the implications if the issuer fails; and the potential illiquidity of these instruments, even though they are listed on the ASX, and the capital losses that may result.   ASIC also noted the frequent commentaries on hybrids in the business and investment media. ASIC says the commentaries have been well informed. Commentators have adopted measured tones and often share ASIC's concerns about particular offers, and about hybrids generally.Most helpfully (for reference purposes), ASIC provides a discussion of those hybrid issues that it considers to have failed, and outlines why they have failed. The failed issues discussed are from: Origin Energy, Tabcorp, AGL Energy, Australand, Multiplex, Nufarm, Goodman, ANZ (in New Zealand), Elders (originally Futuris), Paperlinx and Gunns.