ASIC's introduction of the short-form prospectus for plain vanilla, senior corporate bond issuance was the first initiative to stem from the Australian Financial Centre Forum's 2009 recommendation concerning the development of a deep and liquid corporate bond market. In May 2010, ASIC introduced a new short-form prospectus for use by companies listed on the Australian Securities Exchange to issue corporate bonds to retail investors. In September of the same year, Primary Healthcare became the first company to take advantage of the change. Tatts Group became the second company to use the short-form prospectus, in May 2012.It hasn't been used since.Many industry participants argue that the short-form prospectus is unpopular because the directors' liability provisions are too onerous. This is clearly a furphy because these onerous provisions did not stop the listing of A$13 billion of high yield, high risk debt securities in 2012 and the listing of a further $8.4 billion so far this year.Nevertheless, if those with vested interests complain loudly and for long enough, something is likely to be done. Earlier this year, the then treasurer, Wayne Swan, released an exposure draft of changes to the Corporations Act - the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013. The legislation, when it is passed, will incorporate into the Act a definition of a simple corporate bond and remove the onerous directors' liability provisions from the short-form prospectus when it is used to issue simple corporate bonds.  The legislation had its second reading in the senate in July, but lapsed with the ending of parliament, on November 13.  When he was treasurer, Swan announced the listing of Commonwealth government bonds (CGS) on the ASX, as a part of his Competitive and Sustainable Banking System package, in December 2010. In November 2012, the Senate passed the enabling legislation, and trading began at the end of March this year. While the ASX said the listing of CGS would take the size of the listed bond market to $250 billion, from $35 billion, this has proved to be a complete non-event. Commonwealth government bonds yielding three per cent or thereabouts simply don't cut it when mums and dads can take the same credit risk but get higher yields on government guaranteed term deposits. However, the process of listing CGS on the ASX, by way of depository interests, is a good one and the same process can be used to list corporate bonds from the wholesale market. The lapsed Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013 contains provision for this to occur. So, if the Bill is ever enacted, will this initiative be any more successful than the listing of CGS?This question brings us to the real reason that the short-form prospectus has failed to date, or rather has not been taken up. Just as for a long time Australian companies doubted the capacity of the wholesale market to meet their term-debt funding requirements, they have even greater doubts about the listed market. And key among the reasons