Publication
Navigating the IPO
Taking your company public is an important milestone, and whilst the landscape for IPOs is complex and dynamic, choosing the right path is essential.
Australia | Publication | July 30, 2019
ASIC published a media release today, 30 July, in which it indicated it has requested that exchange market operators do not admit any managed funds that do not disclose their portfolio holdings daily, and which have internal market makers. Existing actively managed exchange traded funds, as well as other investment products that do not use internal market makers, are not impacted by this announcement. The purpose of the pause on new admissions is to enable ASIC to undertake a review for the remainder of the calendar year of the regulatory framework applicable to exchange traded managed funds that use internal market makers.
Funds adopting the internal market making model are usually actively managed funds and are estimated to represent approximately 6% of exchange traded products by funds under management. The review follows ASIC having identified the following material changes in the market for exchange traded managed funds:
ASIC has indicated that the pause on new admissions of these kinds of funds (including funds’ admission applications that are currently being considered) is effective until further notice. As part of its review, ASIC has indicated that there will be an opportunity later this year for industry to participate in a consultation. The findings from the review and consultation process will inform ASIC’s next steps in respect of the applicable regulatory framework. Please contact us if you have any questions about the potential future direction of these regulatory settings.
Publication
Taking your company public is an important milestone, and whilst the landscape for IPOs is complex and dynamic, choosing the right path is essential.
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
On 3 July 2025 the UK Takeover Panel (Panel) published PCP 2025/1: Dual class share structures, IPOs and share buybacks (Consultation) setting out a proposed framework for the application of the UK Takeover Code (Code) to companies with dual class share structures (DCSS companies).
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