The Australian Securities and Investments Commission has identified a number of shortcomings in disclosures about hybrid securities and their marketing.ASIC chairman Greg Medcraft told delegates at the annual conference of the Stockbrokers Association of Australia on Friday that ASIC had been reviewing disclosure and marketing material prepared by hybrid issuers.Medcraft said: "Issues we identified include inadequate disclosure of risk, disclaimers that were not sufficiently prominent, hybrids being referred to as stocks or shares and hybrids being classified as fixed income."We have found some promotional material that did not include a balanced disclosure of features and risk. This has been disappointing."In August last year, ASIC issued a report on hybrids, saying that increased issuance and popularity of hybrids highlighted the need to improve prospects disclosure and marketing material.It said that since 2011 more than A$18 billion of hybrid securities had been issued by banks and corporates, with about 75,000 investors buying the securities.Medcraft said: "There are many reasons why ASIC has focused on the sale of hybrids. A key reason is the potential for misleading conduct - for example, when promoters spruik the returns of hybrids without being upfront about the risks."