Highlights from ASIC's latest corporate finance update

  • ASIC has released its latest Corporate Finance Update.
  • New corporate governance measures to combat illegal phoenixing and climate change-related disclosures.
  • Schemes of arrangement, shareholder intention statements and independent experts' reports continue to attract ASIC's attention.

The situation: The Australian Securities and Investments Commission (‘ASIC’) recently released its latest Corporate Finance Update, which covers ASIC's M&A and fundraising statistics, an overview of relief applications and ASIC's key regulatory concerns in the corporate finance space.

The result: ASIC reported a material increase in the fundraising activity in the period from July to December 2020 compared to January to July 2020. Over the equivalent period, ASIC saw an increased volume of M&A activity but marginally less aggregate value. ASIC also reported on its concerns with two recent scheme transactions, issued some reminders to practitioners and mentioned examples of recently introduced corporate governance measures.

Looking ahead: Participants in control transactions should note the case studies mentioned by ASIC in the Update for ongoing and proposed transactions. Schemes of arrangement, shareholder intention statements and independent experts' reports continue to attract ASIC's attention.

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