Fundraising restrictions on advertising and cold calling

There are significant restrictions on advertising and 'cold calling' (that is, calling members of the public without their prior consent) in relation to investments that require a disclosure document.

You are generally not allowed to cold call members of the public to sell securities, although if you are an Australian financial services licensee you may do so in certain circumstances. For more information see Regulatory Guide 38 The hawking provisions (RG 38).

If a disclosure document is required for the offer of securities you cannot advertise the offer until the disclosure document has been lodged. When the disclosure document has been lodged you may advertise the offer as long as that advertising includes a statement that:

  • offers will be made in or accompanied by a copy of the disclosure document, and
  • anyone wishing to buy securities will need to complete the application form in the disclosure document.

For more information see Regulatory Guide 254 Offering securities under a disclosure document (RG 254).


What's new

Industry funding

ASIC has released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ASIC’s 2017-18 regulatory activities. 6 October 17-334MR

Initial coin offerings

We have released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens. 17-325MR. 28 September

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. 17-321MR. 21 September

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

More releases on fundraising

Last updated: 20/10/2014 12:00