Thursday, 2 May 2013

Continuous disclosure changes

Proposed changes

In October 2012, ASX released a package of proposed changes to the guidance for interpretation of continuous disclosure provisions in the Listing Rules.  Central to the amendments was a substantial expansion and revision of Guidance Note 8, previously updated in June 2005.

The key changes proposed included:

  • a comprehensive update to Guidance Note 8
  • the creation of a new ‘Abridged Guide’ for directors
  • clarification that 'immediately', rather than meaning 'instantaneously', should be interpreted as 'promptly and without delay'
  • further guidance on the use of trading halts
  • additional specific disclosure requirements in Chapter 3 Listing Rules – e.g. the material terms of any employment, services or consultancy contract for a CEO, director or other related party, and
  • further guidance on the Listing Rule 3.1A exception, including moving the reasonable person test to the third and final test in that rule – this change is reflected in the revised flowchart below and attached, replacing the version on page 20 of The Chairman's Red Book
    Click to view larger

    End of consultation process and effective date for changes

    The consultation process has now been completed and updated versions of Guidance Note 8, the Abridged Guide and other related amendments to the ASX listing rules were released on 13 March 2013.

    The revised version of Guidance Note 8 is scheduled to be published and come into effect on 1 May 2013.

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