Published on 22 September 2020, this report summarises the findings of ASIC's surveillance of debt capital raising practices and selected transactions (2018–2020). It highlights its observations and sets out better practices for Australian financial services licensees acting as intermediaries operating in primary debt capital markets. Where an entity is both an issuer and licensed intermediary it should consider better practices in the context of the role(s) performed.
The report includes ASIC’s expectations that Australian Financial Service (AFS) licensees:
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- identify and manage potential conflicts of interest when making allocation recommendations
- have effective policies and procedures for identifying and managing confidential and market-sensitive information
- have processes to ensure that information provided to issuers and investors (including updates) is accurate and not misleading or deceptive, and
- have active and effective supervision and monitoring for DCM transactions.