ASX today released for consultation a revised version of
Guidance Note 8 on continuous disclosure for listed entities. The
new guidance note has the support of ASIC, and seeks to address the
developments in the law and ASIC's enforcement practices since
the last update to the guidance in 2005.
There have been minor edits to the drafting of Listing Rule 3.1
itself, but the main development is a detailed articulation of
ASX's (and ASIC's) views on the interpretation of the rule,
and worked examples of the disclosure required in a number of fact
scenarios.
Two of the key messages repeated throughout the revised guidance
are the re-emphasis of the need for entities to assess the impact
that information will have on their share price in place of other
bright line tests that may currently be used as a proxy for this as
well as the fact that sudden and significant movements in an
entity's market price will continue to drive the exercise of
ASX's discretion and enforcement
