ASIC is seeking feedback on its proposal to remake six sunsetting legislative instruments which provide disclosure relief.
The relief enables Australian investors to participate in offers that might not otherwise be extended to them. This is due to the time and expense involved in complying with the regulatory requirements in multiple jurisdictions where:
- a foreign offeror has complied with a disclosure regime offering similar levels of investor protection to the Australian disclosure requirements, or
- very few offers are made to Australian investors.
The remade legislative instruments also provide relief from the advertising restrictions for advertisements and other notices that are aimed at foreign markets and only incidentally published in Australia.
ASIC proposes to remake the legislative instruments on largely the same terms, for a period of five years. Some of the key changes include:
- a consolidated exemption for authors or publishers in draft instrument ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/XX
- rewording the declaration in draft instrument ASIC Corporations (Foreign Small Scale Offers) Instrument 2025/XX to remove ambiguity about when it applies and who it applies to, and
- removing definitions which are now contained in the Corporations Act 2001.
These changes are intended to improve clarity, not change the operation of the relief.
The proposed legislative instruments to be remade are:
- ASIC Corporations (Compromises or Arrangements) Instrument 2015/358
- ASIC Corporations (Foreign Rights Issues) Instrument 2015/356
- ASIC Corporations (Foreign Scrip Bids) Instrument 2015/357
- ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2015/360
- ASIC Corporations (Foreign Securities—Publishing Notices) Instrument 2015/359, and
- ASIC Corporations (Foreign Small-Scale Offers) Instrument 2015/362.
Providing feedback
ASIC invites feedback on its proposal to remake the legislative instruments, which are due to sunset on 1 October 2025.
Feedback should be sent to rri.consultation@asic.gov.au by 5pm AEST on 15 August 2025.
More information
- CS 25 Proposed remake of disclosure relief for offers of foreign securities and interests to Australian investors
- Regulatory Guide 72 Foreign securities: Disclosure relief (RG 72)
