ASIC reports on corporate finance regulation – January to June 2017


Ugandan Capital Markets Authority teams up with CISI

ASIC announced that has just published its seventh report on the regulation of corporate finance issues in Australia.

The report, which covers the period January to June 2017, provides companies and their advisers with insights into ASIC’s regulatory approach in the corporate finance sector to assist them in carrying out their associated legal and compliance obligations. It also demonstrates the important role ASIC plays in facilitating business transactions in Australia while ensuring that the protection of the investing community is maintained.

The complete announcement reads as follows:


Report 539 ASIC regulation of corporate finance: January to June 2017 (REP 539) 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
  • financial reporting.

It details the approach ASIC takes in these areas, including the types of issues that have caused us to intervene and our response 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 seventh report sets out information on the imminent implementation of the industry funding model for ASIC. It also provides information on the new regime for crowd-sourced funding by public companies and highlights our regulatory initiatives regarding emerging market issuers, initial public offerings and financial reporting for the year ended 30 June 2017.

We also encourage practitioners to attend our bi-annual Corporate Finance Liaison meetings. We are holding meetings on REP 539 between 29 August and 12 September 2017.

Background

ASIC’s Corporations team is 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
  • reviews certain documents lodged with ASIC relating to various corporate transactions.

The team also engages with stakeholders, publishes regulatory guidance, conducts targeted surveillances of identified risk areas and conducts 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.

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ASIC reports on corporate finance regulation – January to June 2017

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