The Australian Securities and Investments Commission (ASIC) has implemented changes allowing companies planning Australian initial public offerings (IPOs) to communicate more broadly with retail investors and correct misinformation before lodging a prospectus. The reforms extend existing relief from Corporations Act advertising restrictions to unquoted securities. They follow an August 2026 consultation on easing rules that had limited IPO publicity to narrowly prescribed factual information, bringing the framework closer to advertising regimes for product disclosure statements and crowd sourced funding offers.
Advertisements and statements for offers of quoted and unquoted securities must identify the issuer and, where relevant, the seller, explain where and when the prospectus will be available, and direct investors to consider it before investing. Communications must also specify that investors must complete the application form included in or accompanying the disclosure document to acquire securities. Offerors must maintain adequate arrangements to keep information current. Laws prohibiting misleading or deceptive conduct remain unchanged.