ASIC proposes broader pre-IPO advertising relief for prospective issuers

Summary

ASIC is consulting on expanded relief from Corporations Act restrictions on advertising unquoted securities before prospectus lodgement. Prospective issuers could communicate more broadly if advertisements identify the issuer and seller, explain where and when the prospectus will be available, ensure the prospectus is available by listing, and direct investors to it as the primary source for investment decisions. Submissions close on 11 September 2026.

Why this matters

If adopted, the proposals will require issuers, lead managers and advisers to maintain effective approval, recordkeeping and review controls over pre-IPO communications. The additional flexibility would not displace misleading or deceptive conduct obligations, market integrity considerations or the prospectus's central disclosure role. Compliance teams should examine marketing governance, escalation procedures and arrangements for correcting inaccurate information. More room to communicate is not an invitation to improvise.