ASX has today issued the final version of its proposed new Guidance Note 33 Removal of entities from the official list, which deals with when and how ASX may de-list an entity, either at the request of the listed entity or at the instigation of ASX.
The new Guidance Note, in particular, gives effect to a change in policy under which ASX will automatically de- list long-term suspended entities if their securities have been suspended from trading for a continuous period of three years.
ASX has also today released amendments to section 4.23 of Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 – 3.1B, dealing with the disclosures ASX expects an entity to make if its securities are suspended from quotation.
Marked up versions of the amendments to:
- the consultation version of Guidance Note 33 is available here; and
- section 4.23 of Guidance Note 8 is available here.
ASX released a consultation paper seeking feedback on the proposed new Guidance Note 33 on 12 September 2013 (see http://www.asxgroup.com.au/public-consultations.htm). The consultation closed on 1 November 2013. ASX received three submissions in response to the consultation paper.
ASX’s Chief Compliance Officer, Kevin Lewis, said: “The consultation responses supported ASX’s proposal to de-list long-term suspended entities if their securities have been suspended from trading for a continuous period of three years.
“The submissions also provided some worthwhile suggestions on the disclosures a listed entity should make if its securities are suspended from quotation, and a suggestion to include commentary in Guidance Note 33 discouraging listed entities from using a Listing Rule providing for the automatic termination of a listing for non- payment of listing fees to circumvent the controls on voluntarily de-listing.
“These suggestions have been incorporated into the final version of Guidance Note 33 and in the amendments to section 4.23 of Guidance Note 8.”
