ASIC reports on corporate finance regulation – July to December 2017

ASIC has today published its latest report on the regulation of corporate finance issues in Australia for the period July to December 2017.

The report provides companies and their advisers with insights about ASIC’s regulatory approach in the corporate finance sector to help them carry out their legal and compliance obligations. It also demonstrates how ASIC facilitates business transactions in Australia while maintaining legal protections and safeguards for the investing community.

Report 567 ASIC regulation of corporate finance: July to December 2017 (REP 567) 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 eighth report sets out information on our ongoing engagement with Independent Experts, and an update on the 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 and our reflections on the 2017 AGM Season.

We also encourage practitioners to attend our bi-annual Corporate Finance Liaison meetings. We are holding meetings, which will cover REP 567 between 28 February and 13 March 2018.

Download REP 567.


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, 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.