ASX this morning released its new draft guidance note on continuous disclosure (guidance note 8) for public consultation prior to 30 November 2012 and proposed introduction in the first quarter of 2013. The guidance is extremely detailed and technical (running to 69 pages) and is accompanied by an abridged guide to summarise key issues for less professional readers.
Set out below is a short summary of the key changes proposed by the guidance.
We believe the package of proposals are sensible and should be supported. Of course many issues and concerns remain with the structure of Australia’s continuous disclosure and enforcement regime but that was not within the remit of ASX’s review of its guidance note and must await further discussion with ASIC and government. In addition satisfaction of ASX’s criteria on continuous disclosure does not mean that ASIC or the courts will always agree.
Click here to see table of summary.