ASX complaince update - Latest updates to ASX Guidance Notes

The ASX has published a compliance update which, among other things, summarises updates to various Listing Rule Guidance Notes.  The updates were released by the ASX on 9 March 2018 and the following Guidance Notes are affected:

1. Guidance Note 1 - Applying for Admission

The updates include further commentary in section 3.8 on using artificial means to achieve spread and in section 3.19 relating to the ASX's good fame and character requirements.

2. Guidance Note 8 - Continuous Disclosure

The updates include:

  • additional guidance in section 4.15 on the ASX's disclosure expectations for material contracts;
  • removing a reference in section 4.20 to disclosing the impact of material contracts on revenue, costs or profits;
  • expanding the guidance in section 5.10 to address the new insolvent trading safe harbour for directors in s588GA of the Corporations Act and what should be disclosed when an entity in financial difficulty requests a voluntary suspension to complete a transaction necessary for its survival; and
  • clarifying aspects of example D in Annexure A.

3. Guidance Note 12 - Significant Changes to Activities

The updates include changes:

  • reflecting a change in policy for back door listings (which is effective immediately) requiring all directors or proposed directors to provide evidence of their good fame and character, including existing directors who have been elected by shareholders to the board; and
  • clarifying the accounts that need to be disclosed in an announcement under Annexure A to that Guidance Note.

4. Guidance Note 16 - Trading Halts and Voluntary Suspensions

This guidance note has been updated to reflect the changes to section 5.10 of Guidance Note 8 as mentioned above.

Click here for a link to the ASX compliance update.

For more information regarding the updates to these guidance notes, and for general ASX Listing Rule compliance advice, please contact:

Craig Sanford, Director, Sierra Legal, M: +61 (0)416 052 115 or E:

Mike Jeffery, Director, Sierra Legal, M: +61 (0)402 745 054 or E:

Kenneth Gitahi, Senior Associate, Sierra Legal, M: +61 (0)401 450 220 or E: