ASX Consultation - Listing Rule Changes

Listing Rule Changes

On 28 November 2018, ASX Limited (ASX) released a consultation paper on proposed measures to simplify, clarify, and enhance the integrity and efficiency of, its listing rules.

The last major update to the listing rules took place with the changes to the admission requirements in 2016.

The changes proposed in the consultation paper are many and varied, and likely to affect different companies in a variety of ways.

Broadly speaking, the proposed changes can be grouped into eight categories:

  • improving market disclosures and other market integrity measures;
  • making the listing rules simpler and easier to follow;
  • making aspects of the listing process and ongoing compliance with the listing rules more efficient for issuers and for ASX;
  • updating the timetables for corporate actions;
  • enhancing ASX’s powers to operate the market and to monitor and enforce compliance with the listing rules;
  • correcting gaps or errors in the listing rules;
  • general drafting improvements, including removing redundant listing rules; and
  • more and better guidance.

Guidance Note Changes

ASX is also consulting on the following new or amended guidance notes:

ASX is seeking submissions on the consultation paper by the close of business on Friday 1 March 2019. ASX will then consider all submissions it receives before finalising the proposed listing rule amendments and guidance notes. It is envisaged that the final listing rule amendments and guidance notes will be released in May 2019, and will take effect on 1 July 2019.

We will provide regular updates as these changes are finalised.

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Phillip Roberts

Phillip Roberts

Partner
Monique Bradley

Monique Bradley

Senior Associate

Brendan Hall

Solicitor