Thursday October 10 2019
News Source: Global Exchanges
Focus: Listing Rules
On 8th October 2019, the Australian Securities Exchange (ASX) released its final response to submissions to its November 2018 consultation paper – Simplifying, clarifying and enhancing the integrity and efficiency of the ASX listing rules. The response includes a range of rule amendments and new and updated guidance.
Key initiatives include:
- more guidance and direction on the information that should be given to shareholders in notices of meetings
- more guidance and direction on the voting processes that should be followed at shareholder meetings and more consistent reporting of voting outcomes
- simpler and clearer processes and forms to announce a proposed issue of shares and to seek their quotation
- changes to ASX’s quarterly reporting regime to provide a more robust disclosure framework for start-up entities
- better and timelier disclosure by listed investment companies and listed investment trusts of their net tangible assets (NTA) backing
- new measures to address breaches of the listing rules.
There are also further enhancements to ASX’s admission rules and processes, including:
- a simplification of ASX’s escrow rules and guidance to make the escrow process less burdensome for listed entities
- an extension of ASX’s ‘good fame and character’ listing condition to include non-director CEOs and CFOs
- measures to address inappropriate behaviours by promoters and professional advisers in new and back door listings.
Click on the above link for further information.