ASIC has updated its fundraising regulatory guidance, issuing two new legislative instruments to help reduce business costs.
In a statement, ASIC said it updated its fundraising relief and guidance to help maintain "efficient public fundraising in Australia".
The two new legislative instruments, ASIC indicated, will promote “commercial certainty and reduce the need for issuers to seek individual relief”.
The instruments help issuers extending the time limits within which the minimum subscription/quotation conditions applying to an offer of securities must be satisfied and clarify how these time periods are calculated.
ASIC said the instruments also “provide relief for prudentially regulated issuers undertaking certain offers of regulatory capital securities to allow the use of a transaction-specific prospectus.”
ASIC also reviewed 31 sunsetting class orders, reissuing 26 class orders and repealing five that were no longer required.
The updates follow a public consultation process which was initiated by ASIC in September 2015. Submissions closed on 27 November 2015.