US regulators balance principle based disclosure with a greater
focus on key disclosure topics
The US capital markets continue to provide a valuable source of
funding for Australian companies. Larger Australian IPOs and
capital raisings continue to be structured to access US investors
and our securities practice has enabled us to act for issuer and
underwriter on both the Australian and US law aspects of equity and
debt offerings in 2019.
Developments in US federal securities law and regulation and,
more generally, the policy direction of US lawmakers and the US
Securities and Exchange Commission (the SEC) have
significant implications for securities offering execution
practices around the world, both in the context of IPOs and other
offerings registered with the SEC, as well as offerings exempt from
SEC registration undertaken pursuant to Rule 144A and as
traditional private placements. All of these offering structures
are used by Australian issuers.
