Australian Securities Exchange amends listing rules

Maria Nikolova

The new rules envisage an extension of ASX’s ‘good fame and character’ listing condition to include non-director CEOs and CFOs.

The Australian Securities Exchange (ASX) is reforming its listing rules in order to boost market quality. Today, the Exchange published 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.

ASX Chief Compliance Officer, Kevin Lewis, explained that the changes aim to improve disclosures to the market, make the listings rules easier to understand and comply with, and enable ASX to better monitor and enforce compliance with the listing rules.

The new rules include more guidance and direction on the information that should be given to shareholders in notices of meetings. There is also additional guidance and direction on the voting processes that should be followed at shareholder meetings and more consistent reporting of voting outcomes.

The new rules spell out simpler and clearer processes and forms to announce a proposed issue of shares and to seek their quotation.

Further, there are changes to ASX’s quarterly reporting regime to provide a more robust disclosure framework for start-up entities.

There will also be new measures to address breaches of the listing rules.

In addition, there are 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.

Finally, in order to improve the quality and consistency of market disclosures and information, from July 1, 2020, any person appointed responsible for communicating with ASX about listing rule matters will have to complete an approved education course and examination covering listing rule compliance.

Subject to the receipt of the necessary regulatory approvals, the listing rule amendments and new and updated guidance notes will become effective on December 1, 2019.

Read this next

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

blockdag

Q2 2024’s Top 5 Cryptos to Buy: BlockDAG, Pepe, Toncoin, Solana and Render

Learn about 2024’s Q2 top 5 cryptos. Explore potential high-return and advancements of altcoins like BlockDAG, Pepe, Toncoin, Solana, and Render.

Fundamental Analysis, Tech and Fundamental, Technical Analysis

GBPCAD Technical Analysis Report 14 June, 2024

GBPCAD currency pair can be expected to fall further toward the next support level 1.7250, former strong resistance from last year.

Digital Assets

Binance acquitted of tax evasion in Nigeria, now faces AML charges

Nigeria has dropped tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after the world’s largest cryptocurrency exchange appointed a local representative to handle court processes related to the allegations.

Digital Assets

Trezor launches new hardware wallet ‘Safe 5’ with fresh security features

Crypto hardware wallet manufacturer Trezor announced on Friday the launch of its latest flagship product, the Trezor Safe 5, featuring upgraded security to promote self-custody of digital assets.

Institutional FX

Tradeweb enhances RFQ trading in bonds and ETFs

“Clients can now leverage predictive analytics and data to unveil deeper insights at the list level, providing them with an unparalleled level of precision throughout every point of the RFQ trading process.”

Industry News

US repatriates $1.4B misappropriated 1MDB funds to Malaysia

1MDB was created to promote economic development in Malaysia, but instead it went to Hollywood, a superyacht, a Monet and Van Gogh, as part of a $4.5 billion money laundering scheme.

Crypto Insider, Web3

What’s New in Web3 in 2024

Is Web3 really the future of the internet? It certainly seems so. In 2024, the momentum behind decentralized technologies, blockchain, and token-based economies will be stronger than ever.

<