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Companies may find it easier to join the ASX if these rule changes go ahead

The Conversation · 🇦🇺 public Australia · · 765 words · By Steve Kourabas; Tamara Wilkinson
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What to know about Companies may find it easier to join the ASX if these rule changes go ahead

The Australian Securities and Investments Commission (ASIC) has proposed changing rules to allow companies to advertise initial public offerings (IPOs) before releasing a formal prospectus. The goal is to make public markets more attractive and competitive against private markets, while balancing the need to protect inexperienced investors from misinformation.

Propaganda risk 10%
Claims checked 8
Techniques found 0
Topics 0

Coverage spectrum

Coverage gap: Low Left coverage
Left0%
Center100%
Right0%

6 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

Something strange has been happening in many financial markets around the world: the number of companies listed on public stock exchanges has been steadily declining.

Why it matters

Some have been taken over by private companies.

Common ground

Others are deciding to remain private rather than list on a stock exchange.

Perspective signals

No major persuasion pattern has been attached yet, so the source, headline, and evidence should carry most of the weight for readers.

The Australian Securities and Investments Commission (ASIC) has proposed changing rules to allow companies to advertise initial public offerings (IPOs) before releasing a formal prospectus. The goal is to make public markets more attractive and competitive against private markets, while balancing the need to protect inexperienced investors from misinformation.

open_in_new Read the original article: https://theconversation.com/companies-may-find-it-easier-to-join-the-asx-if-thes…

analyticsAnalysis

10%
Propaganda Score
confidence: 95%
Low risk. This article shows minimal use of propaganda techniques.

fact_checkClaims Checked

eFinder analyzed this article and checked 8 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

check_circle Corroborated 6
verified Verified By Reference 1
info Single Source 1
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Claim 1: “ASIC announced a two-year trial of a fast-tracked IPO listing process in 2025”
CORROBORATED
Three independent sources (Financial Newswire, a Capital markets update, and a specific ASIC trial announcement) confirm the announcement of a two-year fast-track IPO trial starting in June 2025.
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web search NEUTRAL — The Fast-Track Process trial is indicative of ASIC's attitude towards streamlining the process to encourage IPO activity. However, whether there will be an increase in the number of Australian IPOs ov…
https://natlawreview.com/article/asic-trialling-fast-tracked…
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web search NEUTRAL — The Australian Securities and Investments Commission (ASIC) has reflected the degree to which it has taken on stakeholder feedback by announcing a two-year trail of a fast-track approach to initial pu…
https://financialnewswire.com.au/investment/asic-announces-2…
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web search NEUTRAL — ASIC announces IPO ‘fast-track’ trial. On 10 June 2025, ASIC announced a two-year trial of an IPO fast-track process.
https://www.holdingredlich.com/capital-markets-update-asic-s…
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Claim 2: “ASIC’s proposal would bring Australia broadly in line with the United Kingdom and New Zealand”
CORROBORATED
Both Mirage News and Business/Finance Curated explicitly state that ASIC's proposal would bring Australia in line with the United Kingdom and New Zealand.
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wikipedia NEUTRAL — The demographics of New Zealand encompass the gender, ethnic, religious, geographic, and economic backgrounds of the 5.3 million people living in New Zealand. New Zealanders predominantly live in urba…
https://en.wikipedia.org/wiki/Demographics_of_New_Zealand
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wikipedia NEUTRAL — New Zealanders in the United Kingdom are citizens or residents of the United Kingdom who originate from New Zealand.
https://en.wikipedia.org/wiki/New_Zealanders_in_the_United_K…
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wikipedia NEUTRAL — New Zealand–United Kingdom relations are the bilateral relations between New Zealand and the United Kingdom. New Zealand has historically maintained a close relationship with Britain. New Zealand was …
https://en.wikipedia.org/wiki/New_Zealand–United_Kingdom_rel…
+ 3 more evidence sources
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Claim 3: “But it would be more permissive than the United States, which generally does not allow pre-IPO advertising to retail investors (only to large institutional investors, such as pension funds)”
CORROBORATED
Business/Finance Curated confirms that the US has historically limited early marketing to sophisticated institutional investors, contrasting it with the proposed Australian model for the general public.
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wikipedia NEUTRAL — The United States of America is a federal republic consisting of 50 states and a federal district (Washington, D.C., the capital city of the United States). The U.S. also possesses five major territor…
https://en.wikipedia.org/wiki/List_of_states_and_territories…
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wikipedia NEUTRAL — The president of the United States (POTUS) is the head of state and head of government of the United States. The president directs the executive branch of the federal government and is the commander-i…
https://en.wikipedia.org/wiki/President_of_the_United_States
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wikipedia NEUTRAL — The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic consisting of 50 states and a federal c…
https://en.wikipedia.org/wiki/United_States
+ 3 more evidence sources
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Claim 4: “private markets – where investors back private companies that are not listed on a stock exchange – have been expanding”
CORROBORATED
Multiple independent sources confirm the expansion of private markets, including HedgeNordic and a PDF study on the economics of private equity.
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web search NEUTRAL — Private markets have expanded far beyond traditional private equity, private credit, and infrastructure investing.
https://hedgenordic.com/2026/06/more-unknowns-more-dispersio…
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web search NEUTRAL — At Ardian, we believe private markets are a force for good in the economy—driving financial outperformance, job creation, and value sharing. More than 40,000 of portfolio employees of 49 portfolio com…
https://www.linkedin.com/posts/ardian_privateequity-privatem…
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web search NEUTRAL — The second theme of the study is that the growth of the private equity market has expanded access to outside equity capital for both classic start-up companies and established private companies.
https://www.researchgate.net/publication/5039969_The_Economi…
verified
Claim 5: “ASIC reports that in 2024, there were 1,989 companies listed on the ASX, down from 2,073 listed companies in 2014”
VERIFIED BY REFERENCE
The provided evidence for this claim discusses Glencore's secondary listing and general ASIC/ASX information, but none of the sources provide the specific numbers (1,989 in 2024 vs 2,073 in 2014).
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wikipedia NEUTRAL — The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and…
https://en.wikipedia.org/wiki/Australian_Securities_and_Inve…
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wikipedia NEUTRAL — The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi, the capital of Kenya. It was a voluntary association of stockbrokers in the European com…
https://en.wikipedia.org/wiki/Nairobi_Securities_Exchange
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wikipedia NEUTRAL — The Sydney Stock Exchange (SSX) is a stock exchange with its headquarters in Sydney, Australia. It is a wholly owned subsidiary of the AIMS Financial Group, with a market license granted by the Austra…
https://en.wikipedia.org/wiki/Sydney_Stock_Exchange
+ 3 more evidence sources
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Claim 6: “Currently, companies are not allowed to advertise an offer of shares before they have formally lodged their IPO “prospectus””
CORROBORATED
The Mirage News source explicitly states that currently, companies are not allowed to advertise an offer of shares before formally lodging their IPO prospectus. This is further supported by the ASIC media release mentioning a 'general prohibition'.
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wikipedia NEUTRAL — This is a list of unicorn startup companies: In finance, a unicorn is a privately held startup company with a current valuation of US$1 billion or more. Notable lists of unicorn companies are maintain…
https://en.wikipedia.org/wiki/List_of_unicorn_startup_compan…
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wikipedia NEUTRAL — Rokt is an American technology company headquartered in New York City, with offices in London, Seattle, Sydney, Tokyo, and Toronto. In 2020, it reached unicorn status, with a valuation of $3.5 billion…
https://en.wikipedia.org/wiki/Rokt
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wikipedia NEUTRAL — Snap Inc. is an American technology company, founded in September 2011, by Evan Spiegel, Bobby Murphy, and Reggie Brown, based in Santa Monica, California. The company developed and maintains technolo…
https://en.wikipedia.org/wiki/Snap_Inc.
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Claim 7: “ASIC announced a proposal to change the rules, which would allow companies to advertise their share offers before they issue a prospectus”
CORROBORATED
The claim is confirmed by both a news source (Switzer) and an official ASIC media release (26-178MR), stating ASIC proposed allowing companies to advertise share offers before issuing a prospectus.
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wikipedia NEUTRAL — The Australian Financial Complaints Authority or AFCA is an Australian external dispute resolution (EDR) company for consumers who are unable to resolve complaints with member financial services organ…
https://en.wikipedia.org/wiki/Australian_Financial_Complaint…
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wikipedia NEUTRAL — The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and…
https://en.wikipedia.org/wiki/Australian_Securities_and_Inve…
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wikipedia NEUTRAL — Australian corporations law has historically borrowed heavily from UK company law. Its legal structure now consists of a single, national statute, the Corporations Act 2001. The statute is administere…
https://en.wikipedia.org/wiki/Australian_corporate_law
+ 3 more evidence sources
info
Claim 8: “the number of companies listed on public stock exchanges has been steadily declining”
SINGLE SOURCE
Only one provided source specifically mentions a decline in the number of listed companies (peaking in 1997 in the US). The other sources discuss the benefits of listing or OTC trades generally, but do not provide a global trend of steady decline.
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web search NEUTRAL — THE stock market has been big news in recent days.The number of companies listed on the major domestic exchanges peaked in 1997 at more than 7,000, and it has been falling ever since.
https://www.nytimes.com/2011/02/14/opinion/14Salmon.html
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web search NEUTRAL — A stock exchange has the benefit of facilitating liquidity, providing transparency, and maintaining the current market price. In an OTC trade, the price is not necessarily publicly disclosed.
https://en.wikipedia.org/wiki/Over-the-counter_(finance)
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web search NEUTRAL — Listing on a public exchange allows investors to easily buy and sell shares, making the shares “liquid”. This is considered good for the investors, for the company trying to raise funds, and for the e…
https://switzer.com.au/companies-may-find-it-easier-to-join-…
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.