CP 390 Proposed reform to the pre-lodgement advertising and publicity regime

ASIC released Consultation Paper 390 on 4 August 2026, proposing to extend existing relief relating to advertising and publicity made before a disclosure document is lodged for offers of securities. The paper followed industry engagement on the future of Australia's public and private markets and built on ASIC's earlier discussion paper response, Report 823 Advancing Australia's evolving capital markets. Submissions on the consultation closed on 11 September 2026.

Section 734 of the Corporations Act generally prohibits advertising and publicity of securities offers that require a disclosure document, except in limited circumstances. ASIC's proposal would modify that provision through a draft instrument, the ASIC Corporations (Pre-Prospectus Advertising and Publicity) Instrument, which would repeal and replace the existing ASIC Corporations (IPO Communications) Instrument 2020/722. The proposed changes are intended to bring Australia's pre-lodgement advertising rules closer in line with comparable international regimes and with other domestic fundraising regimes such as crowd sourced equity funding and product disclosure statement offers.

ASIC has said the proposal aims to give issuers, underwriters and lead managers greater flexibility to respond to market speculation and to engage with potential investors earlier in the process, while maintaining the prospectus as the primary disclosure document for investment decisions. ASIC Commissioner Simone Constant described the proposal as striking a balance between supporting capital raising in public markets and protecting investors.

The proposal remains a consultation outcome rather than settled law. ASIC will need to consider submissions before deciding whether and in what form to make the instrument, so current advertising and publicity restrictions under section 734 continue to apply unchanged for now.