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ASX consults on updated rules and guidance on continuous disclosure

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29 Oct 2012

The Australian Securities Exchange (ASX) has begun public consultation on proposed changes on the continuous disclosure rules and guidance for entities listed on the ASX. The proposed revisions result from industry feedback, recent legal and market developments, and an earlier agreement with the Australian Securities and Investments Commission (ASIC) to ensure the ASX guidance "remains current in light of recent market conditions and disclosure practices".

Under the ASX Listing Rules (specifically Listing Rules 3.1-3.1B), entities are obliged to immediately make disclosure to the ASX of market-sensitive information.  The Australian Parliament has given the rule statutory force in section 674 of the Corporations Act 2001. The ASX has also published Guidance Note 8: Continuous Disclosure: Listing Rules 3.1 - 3.1B,  providing guidance on how the rule should be applied.

The changes clarify a number of matters around the operation of the rules, such as when information is material, the meaning of the term "immediately", the process and content of announcements under the rule, and related matters.  The revised Guidance Note also gives substantially more guidance on how to deal with so-called “earnings surprises”.

Submissions on the consultation materials are due by 30 November 2012 and the ASX expects to finalise the amendments in the first quarter of 2013.

Click for ASX press release (link to ASX website).

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