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On August 26, 2026, the Australian Securities and Investments Commission (ASIC) released proposals to expand pre-initial public offering (IPO) advertising flexibility for companies listing on Australia's public market. The proposals extend ASIC's existing relief from Corporations Act restrictions, allowing companies greater advertising and publicity opportunities before lodging a prospectus. The changes respond to industry feedback received through ASIC's discussion paper on Australia's evolving capital markets, which identified that current IPO advertising and publicity rules do not reflect modern information-sharing practices. ASIC's proposals aim to modernise and simplify the pre-lodgement advertising framework by bringing rules in line with comparable international jurisdictions and other domestic fundraising regimes, such as crowd-sourced equity funding and product disclosure statement offers. The reforms allow offerors to communicate in a controlled and accountable way while helping companies gauge market interest and improve information quality. Under the proposed rules, companies could advertise unquoted securities provided they identify the issuer and seller, ensure a prospectus is made available by the time a security is listed, clarify where and when a prospectus will be made available, and direct investors to the disclosure document as the key source of information before making investment decisions. The proposals maintain core investor safeguards by reinforcing the prospectus as the primary disclosure document for investment decisions. ASIC Commissioner Simone Constant said the proposals strike the right balance between supporting capital raising and protecting investors, narrowing unnecessary gaps between public and private market rules while maintaining robust safeguards. ASIC is seeking feedback on its proposal by September 11, 2026. Responses can be submitted through ASIC's consultation webpage. The consultation paper, Consultation Paper 390: Proposed reform to the pre-lodgement advertising and publicity regime, is available on ASIC's website.