ASIC changed its rules on Thursday so that Australian companies preparing an IPO can advertise the offer to retail investors before lodging a prospectus, including to push back on misinformation about a planned listing. Every ad or statement has to name the issuer and any seller, say when and where investors can get the prospectus, urge them to read it before deciding, and send anyone who wants to buy to the application form that comes with it. Companies also have to keep that material current, and ASIC Commissioner Simone Constant said the laws against misleading or deceptive conduct haven’t changed. The rules bring IPO publicity in line with how Australia already treats ads for financial products like managed funds and for crowdfunding offers.
