Australian Securities Exchange: Findings From Review Of Trading By Directors

The Australian Securities Exchange (ASX) has today released a review of disclosure of Directors’ Interest Notices lodged by listed entities, including for securities trading by directors during the ‘blackout’ period.

The review was conducted by ASX Markets Supervision (ASXMS) on all Directors’ Interest Notices lodged between 1 January and 31 March 2008.

Of the 4,137 notices lodged during the three-month period, 538 (13%) breached the ASX listing rule requirement to disclose to the market within five business days. Of these 538 breaches, 289 (7%) also breached the Corporations Act by failing to disclose to the market within 14 calendar days. Seventy (70) of these were ‘active’ on market trades and have been referred to ASIC.

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