21. October 2011 10:02
Annotations to the ASX Listing Rules is now live and available to customers
We are pleased to announce that Annotations to the ASX Listing Rules (ANNLR) is now live and available to customers.
ANNLR is an essential online companion to the ASX Listing Rules, providing comprehensive practical guidance on the day-to-day regulatory requirements, obligations and application of the ASX Listing Rules.
In particular, the product uniquely delivers the following to a customer’s workflow:
- Waivers database
- Increased functionality
- Depth of annotations
The decision has been made to release ANNLR in staggered form, to allow users to access the available material now.
- Chapters 1 - 7: Launched
- Chapter 9: November 14
- Chapters 8, 14, 15 and 19: November 28
- Chapters 10, 17 and 19: December 12
- Chapters 11 and 12: December 16
No annotations are required for Chapters 13, 16 and 20.
- Comprehensive content – the only product to provide practical, hands on guidance on the application of the ASX Listing Rules, going beyond a mere explanation or description.
- Intuitive functionality – includes a table of waivers allowing subscribers to easily locate a relevant waiver by reference to the ASX Listing Rules, company name, waiver number or date of issue.
- Topical expertise – written by top practitioners with extensive experience, providing valuable insight into regulatory policy and procedure.
- Extensive links – further research is facilitated with links to and from the relevant ASX rulebooks, ASX waivers, full text of cases, legislation, and more.
- Relevant and current content – frequent online updates ensure currency
1. August 2011 12:54
ASIC today made market integrity rules for capital and related requirements for the ASX market and the ASX 24 market, formerly known as the Sydney Futures Exchange market.
The rules transfer to ASIC ASX's pre-existing capital and related requirements for the two markets. This is consistent with the smooth transition in market supervision responsibility from ASX to ASIC in August 2010.
These rules amend the existing ASIC market integrity rules for the two markets by inserting three new chapters for capital, reporting and margins. Concurrently, ASX’s pre-existing capital, reporting and margin requirements in the ASX and ASX 24 Operating Rules have ceased to operate.
ASIC Market Integrity Rules (ASX Market) Amendment 2011 (No. 2) has amended the pre-existing ASIC Market Integrity Rules (ASX Market) 2010 and ASIC Market Integrity Rules (ASX 24 Market) Amendment 2011 (No. 1) has amended the pre-existing ASIC Market Integrity Rules (ASX 24 Market) 2010.
View the amending rules
While ASIC has generally retained the pre-existing status quo, it has made two minor changes:
- from 1 January 2012, all ASX 24 market participants must complete daily reconciliations of client money;
- from 1 January 2012, non-clearing ASX 24 market participants must lodge their monthly capital returns within 10 business days (rather than one month) after the end of each calendar month.
ASIC has also released Regulatory Guide 226 Guidance on ASIC market integrity rules for capital and related requirements: ASX and ASX markets which provides advice on the operation of these rules.
ASIC has also released Report 244 Response to submissions on CP 161 Proposed ASIC market integrity rules for capital and related requirements: ASX, ASX 24 and Chi-X markets (REP 244). This summarises the feedback ASIC received from industry on Consultation Paper 161 Proposed ASIC market integrity rules for capital and related requirements: ASX, ASX 24 and Chi-X markets, which was released in June and first proposed making these rules.
ASIC intends to make market integrity rules shortly for capital and related requirements for the Chi-X market, which is anticipated to start operating on or after 31 October. This was proposed in CP 161. ASIC intends to model these rules on the market integrity rules for capital and related requirements for the ASX market to ensure a level playing field for the two equity markets.
On 1 August last year, ASIC took over general supervision of trading on the ASX and ASX 24 markets and other Australian domestic licensed financial markets. As part of that process, ASIC made market integrity rules for the ASX and ASX 24 markets.
At that time ASIC agreed with the ASX that the ASX would continue to impose capital, reporting and margin requirements on non-clearing market participants for a further 12 months until 1 August 2011, after which time, ASIC would take over that responsibility.
19. July 2011 12:01
The latest update to the ASX Listing Rules is now online. The rules have been reviewed for currency and completeness as at July 2011.
We note in particular the amendments to Rule 1.1 – Requirements for ASX Listing, Rule 12.8 - Remuneration Committee and Rule 19.12 – Definitions.
Subscribers click through here.
To find out more about ASX Listing Rules, please visit our campaign page.
30. March 2011 14:16
CP 152 ASIC’s conversion of ASX and SFE guidance: General operational obligations seeks feedback on proposed modification to five ASX guidance notes and one SFE guidance note.
It is the next step in the review identified in Table 1 of RG 214 Guidance on ASIC market integrity rules for ASX and ASX 24 markets.
Comment is open until 13 May 2011. More information is available on the ASIC site.
14. March 2011 12:06
In a media release issued on Friday, the ASX has advised that Singapore Exchange Limited has lodged a formal application with the Foreign Investment Review Board in relation to the proposed merger of the two companies.
3. March 2011 15:24
ASIC announced its framework for the introduction of market competition today, taking into account comments received in relation to CP145. That timetable sees Chi-X commencing operation in October-November 2011.
That framework includes some draft market integrity rules. ASIC has indicated that it intends to issue the final rules for competition in April 2011. The market will be informed of the operative date (likely to be late in 2011) at that time.
CP 145 also sought comment on some broader rules in relation to market structure, in relation to which ASIC intends to conduct further consultation.
The ASX has issued a media release in response, which reiterates its willingness to be involved in market competition but also states that they believe some of the proposals in CP 145 (particularly proposals relating to the adequate regulation of dark pools) remain unresolved: “an opportunity exists in Australia to avoid these issues occurring locally, and to prevent market quality and integrity from being impaired”.
More detailed information is available on the ASIC official site.
16. December 2010 12:20
Bob Katter, Member for Kennedy, has come out against yesterday's approval by the ACCC of the prospective takeover of the ASX by the SGX.
"Our hope is that my fellow Members of Parliament will reject this fanatical marketism that is taking away our sovereign right to self-determination..if ever there was an example of selling your birthright for a bowl of porridge, this is it.”
The takeover is yet to be approved by the Foreign Investment Review Board or Parliament.
18. November 2010 11:57
Yesterday, ASIC released a new consultation paper.
CP 146 Over-the-counter contracts for difference: Improving disclosure for retail investors proposes an ASIC-benchmark-based disclosure model for OTC CFDs.
Contracts for difference are highly-leveraged derivative products marketed to, and traded by, retail investors. They offer investors a leveraged position on future changes in the market price of a share or a commodity, or on the value of an index, or a currency exchange rate. In Australia, the majority of CFDs are issued and traded as over-the-counter products (OTC).
The new system would require product disclosure statements and ongoing disclosure to address the benchmarks on an ‘if not, why not’ basis. The draft regulatory guide provided with the consultation paper provides some of these benchmarks. They are aimed at issuers of CFDs and relate to:
Ensuring client suitability;
Disclosing counterparty risk;
Stewardship of client monies; and
Practices where issuers make margin calls on clients.
ASIC has issued the proposed guidance following a 'health check' survey conducted earlier in the year: see Report 205 Contracts for Difference and Retail Investors. The report illustrated that many retail investors do not understand the significant risks involvecd in trading CFDs.
Submissions on the consultation paper are open until 21 December 2010. More information is available on the official ASIC site.
4. November 2010 14:39
The ASX has released its monthly compliance report, for October 2010.
The 13 new listings for the month were AusNiCo Ltd (ANW), Brighton Mining Group Ltd (BTN), GRG International Ltd (GRG), Kagera Nickel Ltd (KNL), Metaliko Resources Ltd (MKO), MACA Ltd (MLD), Minbos Resources Ltd (MNB), New Horizon Minerals Ltd (NHO), PUMA Masterfund P-16 (PUB), PUMA Masterfund S-8 (PUG), Series 2010-2 REDS Trust (RDA), West Peak Iron Ltd (WPI) and White Rock Minerals Ltd (WRM).
The 5 de-listings for the month were Healthscope Ltd (HSP), Lihir Gold Ltd (LGL), Macarthurcook Industrial Property Fund (MIF), Mosaic Oil NL (MOS) and Tutt Bryant Group Limited (TBG).
To date there have been no enforcement matters commenced in respect of potential contraventions of the ASX and ASX 24 Operating Rules that have occurred after 1 August 2010.
A total of 56 waivers of the ASX Listing Rules and 2 waivers of the ASX Clear (Futures) Operating Rules were granted during the month. No other waivers were granted in respect of other rules of the ASX Group during the month. Details of the Listing Rules waivers can be accessed online at the Rules, Guidance Notes and Waivers page on the ASX website: http://www.asx.com.au/compliance/rules_guidance/index.htm.
A full copy of the report is available in the announcements section of the ASX official site.