In 2019, ASIC and ASX have had a continued focus on enhancing
the integrity and corporate governance practices of entities
seeking to conduct IPOs, with ASX's amendments to the Listing
Rules and the Corporate Governance Principles and Recommendations
coming into effect and ASIC issuing various reports and amended
guidance calling for strengthened conflict management and
disclosure practices. Australian regulators are also focussed on
heightening protection for retail clients, which has implications
for the marketing of and distribution of securities for IPOs.
ASIC
ASIC acquires new product intervention powers
On 6 April 2019, ASIC acquired broad new product intervention
powers which ASIC can use in relation to initial and secondary
capital raisings where ASIC identifies actual or likely
'significant detriment' to retail clients or consumers.
