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International Law: Australian Regulatory Compliance Review
ASIC update on unlisted unrated debentures disclosure
ASIC has released the updated Regulatory Guide 69: Debentures?improving disclosure for retail investors.
ASIC has refined some aspects of the practical implementation in the regulatory guide by clarifying:
- the disclosure benchmarks for: equity capital, liquidity, loan portfolio, valuations, and lending principles;
- the disclosure obligations for issuers who on-lend funds indirectly through a related party;
- that the guide does not apply to debentures that are to be quoted on a financial market, or to debentures that are convertible into listed securities at the discretion of the investors; and
- the auditors? report on the benchmarks.
When auditing the annual financial report of the issuer, ASIC expects issuers to engage their auditors to provide a separate report in relation to the benchmarks. A pro forma ?auditor?s benchmark report? is available to meet this requirement.
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