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Tuesday 24 February 2015

15-035MR ASIC publishes second report on corporate finance regulation

ASIC has today published the second report in its series on the regulation of corporate finance issues in Australia.

The report, which covers the period July to December 2014, provides companies and their advisers with insights into ASIC's regulatory approach in the corporate finance sector and aims to assist them with their associated legal and compliance obligations. It also demonstrates the important role ASIC plays in facilitating business in Australia while ensuring that the protection of the investment community is maintained.

Report 423 ASIC regulation of corporate finance: July to December 2014 (REP 423) provides statistical data, highlights key focus areas, and includes relevant guidance about ASIC's regulation of:

  • fundraising transactions
  • mergers and acquisitions
  • corporate governance issues
  • financial reporting, and
  • share buy-backs.

REP 423 details the approach ASIC takes in these areas, including the types of issues that have caused us to intervene, and our approach to novel issues seen in transactions during the period.

Further, the report provides an overview of ASIC’s current policy initiatives in this space and where we expect to undertake further consultation.

ASIC Commissioner John Price said, 'The report is a practical resource for practitioners seeking to understand ASIC's approach to corporate finance regulation. It is a useful tool that complements ASIC’s twice-yearly Corporate Finance Liaison meetings held in capital cities around Australia, and allows ASIC to connect with key stakeholders.'

ASIC welcomes feedback on this report, including other content that could helpfully be included for practitioners in the corporate finance space.

Download REP 423


ASIC’s Corporations team and Emerging Mining and Resources team are responsible for regulating disclosure and conduct by corporations in Australia, with a particular focus on corporate transactions, such as equity fundraising, takeovers, schemes of arrangement, share buy-backs, compulsory acquisitions, employee share schemes and financial reporting.

As part of ASIC’s work, the teams:

  • assess applications to ASIC for relief from certain parts of the Corporations Act 2001, including Chapters 2M, 6 and 6D, and
  • review certain documents lodged with ASIC relating to various corporate transactions.

They also engage with stakeholders, publish regulatory guidance, conduct targeted surveillances of identified risk areas and conduct deterrence activities.

From time to time, they may also make submissions to the court or make applications to the Takeovers Panel on relevant matters.

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Last updated: 23/03/2016 03:10