Ensuring Compliance with the ASX Listing Rule Changes
Corporate News - 31 January 2020
We would like to take this opportunity to remind ASX listed clients that the amendments to the ASX Listing Rules, which came into effect in December 2019, have a number of practical impacts on listed entities' ongoing compliance.
To this end, we recommend that listed companies:
- become familiar with and understand the new notification requirements for proposed issues of shares and quotation of securities, which must be complied with from 1 February 2020;
- revise templates for ASX announcements to align with the new requirements (i.e. dated, include the entity’s name, address and corporate logo and identify the body (such as the Board of Directors) or name and title of the officer (such as the Chairman) who authorised the announcement (e.g. “This announcement has been authorised by the Chairman.” “This announcement has been authorised by the Board of Directors of the Company.”). Contact details of a person who investors can contact must also be included for any announcements in relation to ASX Listing Rule 3.1);
- use the new quarterly reporting forms (for quarterly reporting entities);
- review the clarifications made to calculating placement capacity to determine whether there is any impact on the company’s capacity;
- revise forms used for notices of meeting to include the additional content requirements set out in the ASX Listing Rules;
- update the company’s constitution to reflect the revised escrow regime (if this has not already been done); and
- bear in mind the revised timetables for corporate actions (in most cases, the changes have resulted in reduced time periods).
Please contact us in our Perth office on +61 8 9321 4000 or our Melbourne office on +61 3 9111 9400 if you have any queries or if you would like further advice on any of these requirements. We look forward to working with you in 2020!