ASX Consultation Paper
Corporate News - 13 December 2018
On 28 November 2018, the Australian Securities Exchange (ASX) released a public consultation paper titled “Simplifying, clarifying and enhancing the integrity and efficiency of the ASX listing rules” (Consultation Paper).
The changes proposed in the Consultation Paper represent the most significant update to the listing rules since the changes to the admission requirements in 2016, and will be the most wide reaching update of the Listing Rules in a significant period.
ASX has invited submissions on the Consultation Paper by close of business on Friday, 1 March 2019. Following consideration of submissions received, ASX currently expects to release the final rule amendments and new and amended guidance in May 2019, with the change to take effect from 1 July 2019.
The changes proposed in the Consultation Paper are many and varied and likely to affect different companies in a variety of ways. Given that these amendments are relevant to a number of our clients and the work we undertake, we expect to play a role in making submissions to ASX in relation to these proposed changes in accordance with ASX’s commentary process.
In summary, some of the more material changes relate to quarterly reporting, disclosure of underwriting agreements, expansion of the good fame and character test, qualification requirements for persons responsible for communication with ASX on listing rule issues, amendments to the escrow regime and various timetable changes.
We will provide regular updates as these rule changes are finalised. In addition, following the implementation of any new rules, we will run information sessions for clients interested in understanding these changes.
Clients with any queries regarding the proposed changes should contact us to discuss.