The Australian Securities and Investments Commission (ASIC) proposed changes extending its existing relief from Corporations Act restrictions, allowing firms listing on Australia's public market greater flexibility to publicize upcoming initial public offerings (IPO), according to a Tuesday statement from the regulator.

The changes aim to modernize and simplify the pre-lodgment advertising framework for IPOs, following industry feedback received as part of ASIC's discussion paper on Australia's evolving capital markets.

Under the proposal, companies may advertise unquoted securities as long as they identify the issuer and seller, ensure a prospectus is available upon listing, state when and where to access the prospectus, and direct investors to the disclosure document as the primary information source before making an investment decision.

ASIC is seeking feedback on its proposal by Sept. 11.

ASX (ASX:ASX) shares rose nearly 2% in morning trade Tuesday.