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We also moved our existing guidance in Superseded RG 213 Facilitating debt raising (SRG 213) – on the on-sale of quoted securities that are issued on the conversion of convertible notes issued to wholesale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We also consolidated 26 sunsetting class orders into 13 new legislative instruments and repealed 5 class orders.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  • superseded class orders that related to the subject matter of our new legislative instruments; and
  • repealed class orders.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

Disclosure documents can now be lodged electronically

On 29 June 2018, ASIC approved an instrument to facilitate the electronic lodgement of documents that have historically been provided to the Corporations team in hard copy.

ASIC takes action on misleading or deceptive conduct in ICOs

ASIC is focused on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial coin offerings (ICOs).18-122MR. 1 May

More releases on fundraising

Last updated: 12/04/2017 09:29