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Friday 26 August 2016

16-276MR ASIC publishes fifth report on corporate finance regulation

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

The report, which covers the period January to June 2016, 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 489 ASIC regulation of corporate finance: January to June 2016 (REP 489) provides statistical data, highlights key focus areas, and includes relevant guidance about ASIC's regulation of:

  • fundraising transactions
  • mergers and acquisitions
  • corporate governance issues
  • related party transactions, and
  • financial reporting

REP 489 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. The report also provides an overview of ASIC’s current policy initiatives in this space.

This fifth report discusses a number of regulatory initiatives ASIC has undertaken in relation to due diligence practices, disclosure of financial information in prospectuses and applications to the Takeovers Panel.

ASIC Commissioner John Price said, 'the report is a useful ongoing resource for professionals working in or affected by the corporate finance sector, enabling a closer insight into ASIC's approach to corporate finance regulation. The report  helps ASIC engage with its key stakeholders and complements ASIC’s twice-yearly series of Corporate Finance Liaison meetings held in capital cities around Australia.'


ASIC’s Corporations 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 team:

  • assesses applications to ASIC for relief from certain parts of the Corporations Act 2001, including the financial reporting provisions in Chapter 2M, the takeover provisions in  Chapter 6, and the fundraising provisions in Chapter 6D; and
  • reviews 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, the Corporations team may also make submissions to the court or make applications to the Takeovers Panel on relevant matters.

Last updated: 30/03/2021 09:33