Consolidation of fundraising instruments and guidance

In March 2016 we consolidated 7 regulatory guides about disclosure documents into one new regulatory guide: Regulatory Guide 254 Offering securities under a disclosure document (RG 254).

We also moved our existing guidance in Superseded RG 213 Facilitating debt raising (SRG 213) – on the on-sale of quoted securities that are issued on the conversion of convertible notes issued to wholesale investors or otherwise without prospectus disclosure – into Regulatory Guide 173 Disclosure for on-sale of securities and other financial products (RG 173), and revoked SRG 213.

We also consolidated 26 sunsetting class orders into 13 new legislative instruments and repealed 5 class orders.

This page sets out cross-references to:

  • those parts of our previous guidance that related to the subject matter of RG 254 and RG 173;
  • superseded class orders that related to the subject matter of our new legislative instruments; and
  • repealed class orders.

RG 254 Offering securities under a disclosure document

Section of RG 254

Topic of guidance

Previous guidance

Section A

Why we have disclosure document

New guidance

Section A

When a disclosure document is required

New guidance

Section A

The various types of disclosure documents

New guidance

Section A

ASIC’s role

New guidance

Section A

Scope of this guide and summary of topics covered

New guidance

Section A

Other guidance issuers may need to consider

New guidance

Section B

Prospectuses

SRG 56 and new guidance

Section B

Short-form prospectuses

New guidance

Section C

Rationale for transaction-specific disclosure

RG 66

Section C

When transaction-specific disclosure can be used

RG 66

Section C

Effect of suspensions from quotation and trading halts

RG 66

Section C

Content requirements for transaction-specific prospectus

RG 66

Section C

ASIC’s exclusion powers—section 713(6)

RG 66

Section C

Relief from enhanced disclosure provisions

RG 66

Section C

Individual relief to use a transaction-specific prospectus

RG 66

Section D

Rationale for offer information statements

New guidance

Section D

Content requirements for offer information statements

New guidance

Section D

Financial reports for offer information statements

SRG 157

Section D

Relief for financial reports prepared for offer information statements

SRG 157

Section E

Profile statements

New guidance

Section E

Two-part simple corporate bonds prospectus

New guidance and SRG 213

Section F

How to lodge a disclosure document

New guidance

Section F

Our approach to withdrawing an offer under a disclosure document

New guidance

Section F

Changes to disclosure documents following lodgement

SRG 23 and SRG 152

Section F

Lodging electronic disclosure documents

RG 107

Section F

Application forms

SRG 56 and SRG 152

Section F

Relief for application forms

SRG 56 and new guidance

Section G

Exposure period requirements

SRG 152 and new guidance

Section G

Access to disclosure documents

SRG 152

Section G

What we will do to facilitate access to disclosure documents

SRG 152 and new guidance

Section G

Where we will extend the exposure period

SRG 152

Section G

Relief from the exposure period

SRG 152

Section G

Applications for securities during the exposure period

SRG 152

Section H

When a supplementary or replacement disclosure document is required

SRG 23 and new guidance

Section H

Form, content and procedure requirements

SRG 23 and new guidance

Section H

Consequences of lodging a supplementary or replacement disclosure document

New guidance

Section H

Relief to consolidate supplementary disclosure documents

SRG 23 and new guidance

Section I

Quotation condition

SRG 99 and new guidance

Section I

Minimum subscription condition

RG 228 and new guidance

Section I

Relief for calculating time periods

New guidance

Section I

Consequences of the minimum subscription condition and/or quotation condition not being satisfied

New guidance

Section I

Relief to provide refresh documents

New guidance

Section J

General prohibition on advertising and publicity

SRG 158

Section J

Relief for advertising and publicity

SRG 158

Section J

How we monitor compliance with the advertising prohibitions

SRG 158

Section K

Debenture prospectuses

SRG 155

Section L

Pre-lodgement review of disclosure documents

SRG 152 and RG 228

Section L

Post-lodgement review of disclosure documents

SRG 152 and new guidance

Section L

What we look for when reviewing a disclosure document

RG 228

Section L

What we do when there are disclosure concerns

RG 228

RG 173 Disclosure for on-sale of securities and other financial products

Section of RG 173

Topic of guidance

Previous guidance

Section B

Relief to facilitate offers of convertible notes made without prospectus disclosure

SRG 213

Section B

Relief for offers of bank hybrids

New guidance

Superseded class orders

Superseded class order

New legislative instrument

CP 239 proposal

[CO 00/168] Relief from exposure period: quoted securities

ASIC Corporations (Exposure Period) Instrument 2016/74

C3

[CO 00/169] Relief from exposure period: supplementary and replacement prospectuses

ASIC Corporations (Exposure Period) Instrument 2016/74

C3

[CO 00/172] Offer information statements: relief in relation to financial statements

ASIC Corporations (Offer Information Statements) Instrument 2016/73

C5

[CO 00/173] Debenture   prospectuses: incorporation of information on application forms

ASIC Corporations (Debenture   Prospectuses) Instrument 2016/75

C4

[CO 00/174] Debenture prospectuses: updating of interest rate and term information

ASIC Corporations (Debenture Prospectuses) Instrument 2016/75

C4

[CO 00/175] Pre-prospectus   roadshow presentations

ASIC Corporations (Market Research and Roadshows) Instrument 2016/79

C8

[CO 00/176] Pre-prospectus market research

ASIC Corporations (Market Research and Roadshows) Instrument 2016/79

C8

[CO 00/190] Substituting and   consolidating supplementary disclosure documents

ASIC Corporations (Substituted   Supplementary Disclosure Documents) Instrument 2016/78

C7

[CO 00/195] Offer of convertible securities under s713

ASIC Corporations (Offers of Convertibles) Instrument 2016/83

C12

[CO 00/656] Announcements to securities exchanges about offers by subsidiaries of the listed body

ASIC Corporations (Market Research and Roadshows) Instrument 2016/79

C8

[CO 00/843] Options over listed securities: exposure period relief

ASIC Corporations (Exposure Period) Instrument 2016/74

C3

[CO 00/1092] Application form   relief for bonus issues of options

ASIC Corporations (Options: Bonus   Issues) Instrument 2016/77

C6

[CO 01/1455] Continuously quoted securities

ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73

C2

[CO 02/138] Announcements to financial markets by holding companies about financial products other than securities

ASIC Corporations (Market Research and Roadshows) Instrument 2016/79

C8

[CO 02/141] Experts: citing in Product Disclosure Statements

ASIC Corporations (Consents to Statements) Instrument 2016/72

C1

[CO 02/143] Financial product   market research

ASIC Corporations (Market Research and Roadshows) Instrument 2016/79

C8

[CO 02/145] Relief from exposure period: managed investment products able to be traded on a licensed financial market

ASIC Corporations (Exposure Period) Instrument 2016/74

C3

[CO 04/671] Disclosure for on-sale of securities and other financial products

ASIC Corporations (Sale Offers That Do Not Need Disclosure) Instrument 2016/80

C9

[CO 04/672] Extension of on-sale exemption

ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73

C2

[CO 07/428] Consent to quote:   Citing credit ratings, trading data and geological reports in disclosure documents and PDS

ASIC Corporations (Consents to   Statements) Instrument 2016/72

C1

[CO 07/429] Consent to quote: Citing credit ratings agencies, trading data and geological reports in takeovers

ASIC Corporations (Consents to Statements) Instrument 2016/72

C1

[CO 07/571] Disclosure exemption for rights issues

ASIC Corporations (Disregarding   Technical Relief) Instrument 2016/73

C2

[CO 08/25] Sale offers within 12 months after controller sales

ASIC Corporations (Sale Offers By Controllers) Instrument 2016/81

C10

[CO 08/35] Disclosure relief for   rights issues

ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84

C13

[CO 10/322] On-sale for convertible notes issued to   wholesale investors

ASIC Corporations (Sale Offers: Securities Issued on Conversion of Convertible Notes) Instrument 2016/82

C11

[CO 13/523] Citation of experts   and consent to quote

ASIC Corporations (Consents to   Statements) Instrument 2016/72

C1

Repealed class orders

Superseded class order

CP 239 proposal

[CO 00/167] Relief from exposure period: profile statement

D1

[CO 00/177] Fundraising exemption: NZ prospectuses

D2

[CO 00/188] Solicitors mortgage investment companies

D4

[CO 00/229] Solicitors mortgage investment companies

D5

[CO 00/238] Dividend reinvestment plans

D5

 

 

What's new

ASIC facilitates crowd-sourced funding by public companies

We have released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding regime, which commences on 29 September 2017. 17-321MR. 21 September

ASIC reports on how investors decide to invest in IPOs, 17-287MR, 31 August

More releases on fundraising

Last updated: 12/04/2017 09:29