ASX’s revised Guidance Note 17 further clarifies ASX’s approach to granting waivers and providing in-principle advice in connection with the application of the ASX Listing Rules. In particular, the inclusion of 3 new standard waivers should ease the burden on entities seeking waivers on the specified applications of the ASX Listing Rules, as they will not need to provide detailed submissions in support of their waiver applications.
ASX has released an updated version of ASX Listing Rules Guidance Note 17 Waivers and In-Principle Advice (together with a summary of the changes), which provides further guidance in:
- Section 4 (Standard v non-standard waivers) - confirming that ASX will generally grant a standard waiver upon request and without requiring detailed submissions in support of the application;
- Section 6 (Applications for waivers) - more clearly differentiating between the content ASX expects to be included in an application for a standard waiver versus an application for a non-standard waiver;
- Section 7 (Reasons for decision) - noting that in case of a standard waiver, the basis for a decision will typically state that the waiver granted is a standard one granted upon request under Guidance Note 17 and nothing more;
- Section 10 (Appeals from waiver decision) - on the appeal fee payable for appeals to the ASX Tribunal; and
- Annexure (Standard waiver requests) – adding 3 new standard waivers as follows:
- waiver from compliance with ASX Listing Rule 7.1 to permit an entity to issue securities pursuant to an underwriting agreement for the entity’s next upcoming dividend or distribution reinvestment plan without obtaining security holder approval, provided that certain conditions are met;
- waiver from compliance with ASX Listing Rule 14.7 to permit securities to be issued outside of the mandated three month and one month periods where an entity’s securities are suspended from official quotation following the appointment of an administrator, provided that certain conditions are met; and
- waiver from ASX Listing Rule 14.7 to permit an entity not to comply with a voting exclusion statement in relation to a resolution to ratify an issue or approve a proposed issue of securities for the purposes of the ASX Listing Rules, provided that certain conditions are met.