ASX has deferred the planned start date of 1 January 2014 for some of the amendments to the Listing Rules and Guidance Note 9 in order to give it time to consider the 24 submissions received on the changes. The proposed start date of 1 July 2014 for the remaining proposed amendments at this stage remains unchanged. We will continue to monitor the proposed amendments and any further announcements in relation to their commencement.
On 16 December 2013, ASX announced that it had received 24 written submissions in response to the ASX consultation paper, Proposed Changes to ASX Listing Rules and Guidance Note 9, Corporate Governance Disclosures released on 16 August 2013 contemporaneously with the issue by ASX Corporate Governance Council (Council) of a consultation paper seeking comments on a proposed third edition of its Corporate Governance Principles and Recommendations (P&R). For more details on the proposed changes to the P&R, the Listing Rules and Guidance Note 9, see G+T Client Update dated 20 August 2013.
In order to permit the ASX to consider the submissions, it has deferred the planned start date of 1 January 2014 for some of the changes to the Listing Rules and Guidance Note 9. The deferred proposed changes include:
- the introduction of a new Listing Rule 3.19B requiring the disclosure of on-market purchases of securities on behalf of employees or directors or their related parties under an employee incentive scheme; and
- extending the reach of a number of Listing Rules that currently apply to “associates”, to include “related parties”.