Companies planning to list on Australia’s public markets will have greater flexibility to publicise and correct information about upcoming initial public offerings (IPOs) before lodging a prospectus under changes implemented today by ASIC.  

Consistent with the advertising regimes for product disclosure statements and crowd sourced funding offers, the changes allow companies to communicate more broadly with retail investors about future offers while maintaining important disclosure and consumer safeguards.  

ASIC’s changes follow public consultation and respond to industry feedback to simplify the pre-lodgement advertising framework in acknowledgement of modern information sharing practices.  

ASIC Commissioner Simone Constant said the new approach strikes the right balance between encouraging public market investment activity, while ensuring investors continued to have access to strong and current disclosures. 

‘These changes are an important step in encouraging greater IPO activity and opening up investment opportunities to everyday Australians at an earlier stage, while maintaining the strong tradition of disclosure that underpins Australia’s robust markets. 

‘Greater advertising flexibility does not mean fewer responsibilities. Offerors of quoted or unquoted securities must ensure their advertisements direct investors to the disclosure document and application process and have arrangements in place to keep advertisements or statements up to date. Laws prohibiting misleading or deceptive conduct remain unchanged. 

‘Australia’s markets are strong and competitive. We know through industry engagement, including our recent Financial Markets and Innovation Roundtable, that simple, pragmatic changes by regulators and industry can support the competitiveness of Australia’s markets. These reforms advance ASIC’s roadmap to unlock further opportunities across public and private markets by supporting new capital flows, competition and broader investor participation,’ Commissioner Constant said. 

The changes extend ASIC’s existing relief from the Corporations Act restrictions to allow companies planning an IPO in Australia to advertise or communicate more broadly with retail investors prior to lodging a prospectus.   

The reforms aim to improve the quality and breadth of information available to potential investors and align more closely with comparable domestic and international regimes.  

It further aims to modernise IPO communications policy, enabling offerors to engage more effectively with retail investors about potential offers, provide corrective information where necessary, and promote informed investor engagement in a controlled and accountable manner. 

Download 

CP 390 Proposed reform to the pre-lodgement advertising and publicity regime (Submissions, summary of feedback and ASIC’s response)

Updated RG 254 Offering securities under a disclosure document

ASIC Corporations (Pre-Prospectus Advertising and Publicity) Instrument 2026/807 

Background 

The new pre-lodgement advertising and publicity regime allows offerors of quoted and unquoted securities to publicise offers of securities prior to the lodgement of a disclosure document only if the advertisement or statement includes prescribed statements that: 

• identify the issuer and (if relevant) the seller of the securities 
• make it clear where and when a prospectus will be made available when the securities are offered 
• direct investors to consider the prospectus before making an investment decision, and 
• require anyone who wants to acquire the securities to complete the application form that will be in or will accompany the disclosure document. 

Offerors are also required to have adequate arrangements in place to ensure information is kept up to date. 

The new regime now extends to offers of unquoted securities such as IPOs, enabling offerors to more effectively engage with retail investors and correct misinformation. 

The changes follow ASIC’s Consultation Paper 390 Proposed reform to the pre-lodgement advertising and publicity regime (CP 390), which sought feedback on ASIC’s proposed extension of existing ASIC relief relating to the pre-lodgement advertising and publicity regime for offers of securities that require a disclosure document.   

Advancing Australia’s evolving capital markets 

On 5 November 2025, ASIC released Report 823 Advancing Australia’s evolving capital markets: Discussion paper response report (REP 823) responding to the feedback received on the February 2025 discussion paper on Australia’s evolving capital markets, exploring the shifting dynamics between public and private markets in Australia. REP 823 acknowledged the need to modernise the pre-prospectus advertising and publicity rules.