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ARTICLE · 27 OCTOBER 2006

Corporate Update, October 2006

Gadens Lawyers
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If your company has a market cap of less than $500m and is in the mining, energy or biotech sectors, the chances are that ASIC will soon check your ASX announcements, if it is not already doing so. This is what was revealed in an ASIC report issued last week on the continuous disclosures of small and mid-cap miners.

AustraliaCorporate/Commercial Law

Is the regulator checking your ASX announcements?
by Grant Hummel

If your company has a market cap of less than $500m and is in the mining, energy or biotech sectors, the chances are that ASIC will soon check your ASX announcements, if it is not already doing so. This is what was revealed in an ASIC report issued last week on the continuous disclosures of small and mid-cap miners. The report also provided insight into what ASIC looks out for in ASX announcements, which is particularly valuable since ASIC now has the power to fine companies if it has reasonable grounds to believe there has been a contravention of continuous disclosure obligations.

ASIC considers its role is to ensure that ASX announcements are timely and accurate. The word "timely" does not add to the obligations in the ASX listing rules and the Corporations Act to immediately release (subject to specified exceptions) any information concerning the entity that it becomes aware of that a reasonable person would

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