ASIC has published its ninth report on the regulation of corporate finance issues over January to June 2018 and provided an update on specific focus areas for the next six months.
Report 589 ASIC regulation of corporate finance: January to June 2018 (REP 589) provides statistical data and includes relevant guidance about ASIC’s regulation of:
- fundraising transactions
- experts
- mergers and acquisitions and
- corporate governance issues.
The report explains the approach ASIC takes in these areas, including the conduct that has caused us to intervene, our response to novel issues seen in transactions during the period, as well as offering insights into future areas of focus.
This report also provides some practical guidance on electronic lodgement of corporate finance documents and the new fee for service regime.
ASIC encourages corporate advisors to attend our bi-annual Corporate Finance Liaison meetings to be held in most capital cities between 11 and 27 September 2018. The Liaison meetings offer an opportunity to discuss the content of these reports in greater detail and address issues that have arisen since the reporting period, as well as answer questions from participants. For more information, visit ASIC’s website.
Background
ASIC’s Corporations team is responsible for regulating conduct by corporations in Australia, with a particular focus on equity fundraising and control transactions.
As part of ASIC’s work, the team:
- assesses applications to ASIC for relief from certain parts of the Corporations Actincluding 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
- promotes good corporate governance.
The team also publishes regulatory guidance, conducts targeted surveillances of identified risk areas and conducts deterrence activities.