This week on 1 December 2019 significant changes to the ASX Listing Rules came into effect. A copy of the new rule can be accessed here.
The changes are aimed at improving disclosures to the market, clarifying certain listing rules and making compliance easier, as well as enhancing the ASX's monitoring and enforcement capabilities
The ASX has highlighted the following as 'key initiatives':
new measures to address breaches of the listing rules
changes to ASX’s quarterly reporting regime to provide a more robust disclosure framework for start-up entities
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
better and timelier disclosure by listed investment companies and listed investment trusts of their net tangible assets (NTA) backing
Significantly for Company Secretaries, the ASX is introducing a new education requirement for those individuals who are the nominated ASX liaison officer (Communication Officer). Previously, the only requirement was to nominate a Communication Officer and to ensure they were available to liaise with the ASX during market hours. Now, any Communication Officer will be required to complete an approved listing rule compliance course and attain a satisfactory pass mark in the exam for that course.
This requirement will not take effect until July 2020 as ASX is in the process of completing preparation of the online course.
Padman Advisory will be offering training for company secretaries wishing to prepare for the exam. Please contact us to enrol if this is of interest for you.
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