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

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.


PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

Industry News

SEC charges $410+ million Ponzi scheme with pre-IPO shares

We allege that the defendants deceived investors about the pre-IPO shares they held, how much they were charging in fees, and who was controlling the business—all while paying themselves more than $75 million.

Industry News

FNZ taps data analytics GIST to address ESG ratings bias

The allocation of capital is critical to driving the change required to transition to net-zero and building a more sustainable economy and society.