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ARTICLE · 22 APRIL 2009

ASIC Proposed Changes To Capital Raising Regulatory Requirements

HopgoodGanim
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Earlier this year, ASIC released a consultation paper calling for submissions on a number of changes proposed in order to remove certain existing regulatory impediments to capital raising. ASIC have now received submissions and expects to release policy documentation relating to the proposals in May 2009.

AustraliaStrategy
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Ben McTaggart
Michelle Eastwell

Earlier this year, ASIC released a consultation paper calling for submissions on a number of changes proposed in order to remove certain existing regulatory impediments to capital raising. ASIC have now received submissions and expects to release policy documentation relating to the proposals in May 2009.

ASIC has acknowledged that current market conditions have not favoured debt financing, and the rationale behind ASIC's proposals is to increase access for retail investors to equity capital raising opportunities which would usually be limited to institutional investors.

ASIC is proposing a number of measures including:

  • Broadening the takeover exception for rights issues by granting class order relief to listed entities to allow members and underwriters of the rights issue to take up any shortfall, even if this would result in such members or underwriters exceeding the takeover threshold. This relief is proposed to be

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