Latest news with #JoeLongo
Bloomberg
5 hours ago
- Business
- Bloomberg
Australia Regulator Is Studying Data On Private Markets
Australia's corporate watchdog is scrutinizing data on private credit that has seen strong growth driven by the country's A$4.2 trillion ($2.7 trillion) pensions sector. 'We are conducting a range of surveillance, in particular on private credit,' Australian Securities & Investments Commission Chairman Joe Longo said at an industry event on Tuesday. 'Some of what we are seeing is interesting and hopefully we will have something to say later this year.'
Business Times
7 hours ago
- Business
- Business Times
Australia regulator trials faster IPO process as listings hit decade low
[SYDNEY] Australia's securities regulator said on Tuesday (Jun 10) it would trial changes to speed up initial public offerings that are at a decade low by implementing recommendations from earlier reviews and allowing faster access for retail investors. The Australian Securities and Investments Commission (ASIC) said the changes could shave as much as one week off the typical 20-week IPO process and reduce deal execution risk. The trial will begin on Tuesday and last for two years, the regulator said. 'Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors,' ASIC chairman Joe Longo said in a statement. Longo said the funds raised through IPOs were at the lowest level in more than a decade, with only A$4.2 billion (S$3.52 billion) raised last year compared with A$22.9 billion in 2014. ASIC's new measures come just days after Virgin Australia launched a closely watched A$685 million IPO that attracted strong investor demand. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Lizzie Lu, a partner at law firm Baker McKenzie, said the IPO slowdown was not primarily due to regulatory constraints. 'The structural headwind remains the abundance of private capital,' she said. 'While this trial won't reverse the decade-low listings trend overnight, it does reflect ASIC's willingness to evolve - an important signal for long-term market competitiveness. The real test will be whether issuers see these efficiencies as sufficient to offset broader macroeconomic uncertainty.' ASIC said the changes applied to companies seeking to list on the Australian Securities Exchange (ASX) through 'fast-track' status, with a projected market capitalisation above A$100 million and no ASX-imposed escrow. Most Australian IPOs are carried out through a front-end book-building process, which means the price is set and investor bids are taken ahead of the prospectus being reviewed and approved by Australian regulators. ASIC and the ASX have been under pressure to speed up the IPO vetting process, to reduce the time investors are exposed to market fluctuations while a prospectus is under review. Under the planned changes, companies would be able to submit a confidential prospectus or product disclosure statement at least 14 days before formal lodgement for ASIC review. 'Essentially pre-vetting prospectus' and doing away with the exposure period will reduce the period an investor is on risk from the date it commits to participate in a front-end IPO bookbuild to the date the securities start trading,' said Patricia Paton, a partner at law firm Ashurst. 'The shorter the risk period, the easier it is for investors to make the decision to support a new listing.' ASIC said it would also adopt a 'no action' position allowing eligible companies to begin accepting retail investor applications during the standard seven-day exposure period. Typically, retail investor orders are taken after the prospectus becomes public following the regulator's reviews. The trial was also a part of a broader review of regulatory settings around IPOs, ASIC said. 'While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market,' Longo said. REUTERS
The Advertiser
20 hours ago
- Business
- The Advertiser
Path to going public on markets sped up for companies
Companies wanting to list on the stock market will be given a fast track by the corporate watchdog to go public. Changes put forward by the Australian Securities and Investment Commission will mean companies could reduce the time needed in order to take a company public by one week. The watchdog will now work with companies two weeks before documents laying out details about an initial public offering are made available to the public. ASIC says it will lessen the risk of potential investors being scared off by volatile markets. The changes are being rolled out as part of a two-year trial to reverse a decline in companies going public on the Australian market. The number of companies going public hit a 20-year low in 2024, with just 29 initial public offerings on the ASX. That compares with the 240 new listings on the ASX in 2021. Commission chair Joe Longo said the changes would provide greater confidence in the stock market. "Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors," he said. "Greater deal certainty for companies should help deliver more IPOs, which means more investment opportunities so companies can expand, increase jobs and ultimately economic growth." The changes are being announced ahead of a symposium being held by the commission on Tuesday in Sydney about the future of Australia's markets. A discussion paper put out by the commission in February said the number of publicly listed companies had been declining in many developed markets over decades. "The Australian market is concentrated, with most companies in the financials and mining sectors, and less represented in sectors that will drive growth in our increasingly digital future," the paper said. "Many companies are choosing to stay private where new funding and sell downs are now more accessible, while others are choosing to list in the United States." Mr Longo said further reforms were being considered to boost the number of new listings. "While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market," he said. Companies wanting to list on the stock market will be given a fast track by the corporate watchdog to go public. Changes put forward by the Australian Securities and Investment Commission will mean companies could reduce the time needed in order to take a company public by one week. The watchdog will now work with companies two weeks before documents laying out details about an initial public offering are made available to the public. ASIC says it will lessen the risk of potential investors being scared off by volatile markets. The changes are being rolled out as part of a two-year trial to reverse a decline in companies going public on the Australian market. The number of companies going public hit a 20-year low in 2024, with just 29 initial public offerings on the ASX. That compares with the 240 new listings on the ASX in 2021. Commission chair Joe Longo said the changes would provide greater confidence in the stock market. "Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors," he said. "Greater deal certainty for companies should help deliver more IPOs, which means more investment opportunities so companies can expand, increase jobs and ultimately economic growth." The changes are being announced ahead of a symposium being held by the commission on Tuesday in Sydney about the future of Australia's markets. A discussion paper put out by the commission in February said the number of publicly listed companies had been declining in many developed markets over decades. "The Australian market is concentrated, with most companies in the financials and mining sectors, and less represented in sectors that will drive growth in our increasingly digital future," the paper said. "Many companies are choosing to stay private where new funding and sell downs are now more accessible, while others are choosing to list in the United States." Mr Longo said further reforms were being considered to boost the number of new listings. "While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market," he said. Companies wanting to list on the stock market will be given a fast track by the corporate watchdog to go public. Changes put forward by the Australian Securities and Investment Commission will mean companies could reduce the time needed in order to take a company public by one week. The watchdog will now work with companies two weeks before documents laying out details about an initial public offering are made available to the public. ASIC says it will lessen the risk of potential investors being scared off by volatile markets. The changes are being rolled out as part of a two-year trial to reverse a decline in companies going public on the Australian market. The number of companies going public hit a 20-year low in 2024, with just 29 initial public offerings on the ASX. That compares with the 240 new listings on the ASX in 2021. Commission chair Joe Longo said the changes would provide greater confidence in the stock market. "Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors," he said. "Greater deal certainty for companies should help deliver more IPOs, which means more investment opportunities so companies can expand, increase jobs and ultimately economic growth." The changes are being announced ahead of a symposium being held by the commission on Tuesday in Sydney about the future of Australia's markets. A discussion paper put out by the commission in February said the number of publicly listed companies had been declining in many developed markets over decades. "The Australian market is concentrated, with most companies in the financials and mining sectors, and less represented in sectors that will drive growth in our increasingly digital future," the paper said. "Many companies are choosing to stay private where new funding and sell downs are now more accessible, while others are choosing to list in the United States." Mr Longo said further reforms were being considered to boost the number of new listings. "While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market," he said. Companies wanting to list on the stock market will be given a fast track by the corporate watchdog to go public. Changes put forward by the Australian Securities and Investment Commission will mean companies could reduce the time needed in order to take a company public by one week. The watchdog will now work with companies two weeks before documents laying out details about an initial public offering are made available to the public. ASIC says it will lessen the risk of potential investors being scared off by volatile markets. The changes are being rolled out as part of a two-year trial to reverse a decline in companies going public on the Australian market. The number of companies going public hit a 20-year low in 2024, with just 29 initial public offerings on the ASX. That compares with the 240 new listings on the ASX in 2021. Commission chair Joe Longo said the changes would provide greater confidence in the stock market. "Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors," he said. "Greater deal certainty for companies should help deliver more IPOs, which means more investment opportunities so companies can expand, increase jobs and ultimately economic growth." The changes are being announced ahead of a symposium being held by the commission on Tuesday in Sydney about the future of Australia's markets. A discussion paper put out by the commission in February said the number of publicly listed companies had been declining in many developed markets over decades. "The Australian market is concentrated, with most companies in the financials and mining sectors, and less represented in sectors that will drive growth in our increasingly digital future," the paper said. "Many companies are choosing to stay private where new funding and sell downs are now more accessible, while others are choosing to list in the United States." Mr Longo said further reforms were being considered to boost the number of new listings. "While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market," he said.
West Australian
a day ago
- Business
- West Australian
Path to going public on markets sped up for companies
Companies wanting to list on the stock market will be given a fast track by the corporate watchdog to go public. Changes put forward by the Australian Securities and Investment Commission will mean companies could reduce the time needed in order to take a company public by one week. The watchdog will now work with companies two weeks before documents laying out details about an initial public offering are made available to the public. ASIC says it will lessen the risk of potential investors being scared off by volatile markets. The changes are being rolled out as part of a two-year trial to reverse a decline in companies going public on the Australian market. The number of companies going public hit a 20-year low in 2024, with just 29 initial public offerings on the ASX. That compares with the 240 new listings on the ASX in 2021. Commission chair Joe Longo said the changes would provide greater confidence in the stock market. "Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors," he said. "Greater deal certainty for companies should help deliver more IPOs, which means more investment opportunities so companies can expand, increase jobs and ultimately economic growth." The changes are being announced ahead of a symposium being held by the commission on Tuesday in Sydney about the future of Australia's markets. A discussion paper put out by the commission in February said the number of publicly listed companies had been declining in many developed markets over decades. "The Australian market is concentrated, with most companies in the financials and mining sectors, and less represented in sectors that will drive growth in our increasingly digital future," the paper said. "Many companies are choosing to stay private where new funding and sell downs are now more accessible, while others are choosing to list in the United States." Mr Longo said further reforms were being considered to boost the number of new listings. "While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market," he said.
Yahoo
a day ago
- Business
- Yahoo
Path to going public on markets sped up for companies
Companies wanting to list on the stock market will be given a fast track by the corporate watchdog to go public. Changes put forward by the Australian Securities and Investment Commission will mean companies could reduce the time needed in order to take a company public by one week. The watchdog will now work with companies two weeks before documents laying out details about an initial public offering are made available to the public. ASIC says it will lessen the risk of potential investors being scared off by volatile markets. The changes are being rolled out as part of a two-year trial to reverse a decline in companies going public on the Australian market. The number of companies going public hit a 20-year low in 2024, with just 29 initial public offerings on the ASX. That compares with the 240 new listings on the ASX in 2021. Commission chair Joe Longo said the changes would provide greater confidence in the stock market. "Creating a more streamlined IPO process underscores our commitment to ensuring our public markets remain attractive to companies and investors," he said. "Greater deal certainty for companies should help deliver more IPOs, which means more investment opportunities so companies can expand, increase jobs and ultimately economic growth." The changes are being announced ahead of a symposium being held by the commission on Tuesday in Sydney about the future of Australia's markets. A discussion paper put out by the commission in February said the number of publicly listed companies had been declining in many developed markets over decades. "The Australian market is concentrated, with most companies in the financials and mining sectors, and less represented in sectors that will drive growth in our increasingly digital future," the paper said. "Many companies are choosing to stay private where new funding and sell downs are now more accessible, while others are choosing to list in the United States." Mr Longo said further reforms were being considered to boost the number of new listings. "While we do not see regulatory settings as the silver bullet, we have received lots of ideas and are considering further regulatory adjustments to support a strong and well-functioning market," he said.
