ASIC is consulting on a number of proposals to update existing, or provide new, instruments and guidance in relation to a number of aspects relating to disclosure documents. Submissions are due by 27 November 2015.
On 17 September 2015, ASIC released Consultation Paper 239: Disclosure documents: Update to ASIC instruments and guidance (CP 239), which proposes to, among other things:
- extend the existing Class Order [CO 08/35] Disclosure relief for rights issues to provide disclosure relief for Pro-rata Accelerated Institutional Traditional (or Tradeable) Retail Entitlement Offers (PAITREOs), removing the need to seek case by case relief from ASIC;
- create 2 new legislative instruments dealing with:
- ‘resetting’ the time period for compliance with minimum subscription and quotation requirements in section 723 and 724 of the Corporations Act 2001 (Cth) (Corporations Act); and
- providing disclosure and on-sale relief for regulatory capital instruments issued by banks (Bank Hybrids);
- repeal or consolidate and reissue a number of existing Class Orders relating to the fundraising provisions of the Corporations Act, some of which are due to be automatically repealed unless preserved (also known as ‘sunsetting’); and
- repeal or consolidate and reissue a number of Regulatory Guides relating to the fundraising provisions of the Corporations Act.
Submissions on CP 239 are due by 27 November 2015.