The Australian Securities and Investment Commission last week released findings on the compliance of financiers selling unlisted and unrated debenture market against eight benchmarks developed last year in response to the failure of several property financiers.ASIC does make it clear that failed benchmarks by any of the 82 issuers are not associated with a poor investment, rather the additional disclosure made on the 'if not - why not' basis will allow investors to assess this impact on their investment decision.The report, "Debentures - improving disclosure for retail investors, findings" highlighted that the previous lack of benchmarks for unlisted unrated debentures made it difficult for investors to adequately understand, assess and compare these products. The eight benchmarks cover disclosure practices on equity capital, liquidity, rollovers, credit ratings, the loan portfolio, related party transactions, valuations, and lending principles, including loan to valuation ratios. ASIC reported on the extent to which the eight benchmarks were met.Only half of the 82 issuers met the ASIC benchmark on equity capital with the other half requiring explanation.More than three quarters of 'Debt funding', 'Rollovers', 'Loan portfolio' and 'Related party' met benchmarks.Most issuers now include discussions of the ASIC benchmarks in their prospectuses, a step that has no doubt stimulated additional disclosure throughout those documents.