ASX public consultations and policy submissions to government archive
This is an archive of ASX public consultations and policy submissions to government by ASX since 2010
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2019
| Date | Description |
|---|---|
15/11/19 | On 15 November 2019, ASX released a consultation paper on the first of three tranches of operating rule amendments required to facilitate the implementation of the new system that will replace CHESS in April 2021. These relate to accounts, participants, securities and pre-settlement aspects for Day 1 CHESS replacement system functionality. Written submissions are requested by 17 January 2020. |
10/10/19 | ASX Limited (“ASX”) has today released its response to the submissions it received on its 28 November 2018 consultation paper Simplifying, clarifying and enhancing the integrity and efficiency of the ASX listing rules. The consultation proposed a broad range of changes to the ASX Listing Rules and related guidance. Accompanying the consultation response are:
National roadshow presentationAttached are the slides for the ASX's national roadshow presentation on the listing rule and guidance note changes. Effective dateSubject to the receipt of the necessary regulatory approvals, with two exceptions, the final rule changes and all of the revised Listing Rule Appendices and Guidance Notes above will come into effect on 1 December 2019. The first exception is the changes to Listing Rule 1.1 condition 13 and Listing Rule 12.6 to require the person who has been appointed by an entity to be responsible for communication with ASX in relation to listing rule matters to have completed an approved education course and examination covering listing rule compliance matters. To allow more time to complete the development of ASX’s online education course and examination, ASX has decided to push back the transition date for these particular rule changes to 1 July 2020. The second exception is the changes to the Appendix 4C and Appendix 5B quarterly cash flow reports, which will come into effect for the quarter beginning 1 January 2020 and ending 31 March 2020. Consultation feedbackASX received 48 written submissions in response to its consultation paper, with nine provided on a confidential basis. The submissions provided on a non-confidential basis are available at the links below: Allens |
03/10/19 | On 3 October 2019, ASX released a consultation paper outlining potential changes to the contract specifications and order management functionality for the 3 and 10 Year Bond Futures Roll. The purpose of the consultation is to identify opportunities to improve the efficient functioning of the Bond Roll for a broad range of market users. The following four options are outlined in the consultation paper:
Written submissions are requested by Tuesday 3 December 2019 |
30/08/19 | On 30 August 2019, ASX released its response to submissions on the July 2018 consultation paper, Transfers to the CHESS Subregister. ASX received twelve responses to the consultation paper from settlement participants, industry groups, share registries and other relevant stakeholders. Subject to regulatory clearance, ASX intends to implement the proposed amendments to the ASX Settlement Operating Rules and Procedures described in the response to consultation on or around Q4 2019. |
19/08/19 | On 19 August 2019, ASX released its response to submissions on ASX’s consultation paper proposing changes to the 90 Day Bank Bill Futures contract. |
05/08/19 | On 05 August 2019, ASX released its response to submissions on ASX’s 8 March 2019 consultation paper proposing changes to Guidance Note 10 Business Continuity and Disaster Recovery and Guidance Note 1 Admission as a Participant to address cyber resilience. ASX received two written submissions in response to the consultation paper, one of which was provided on a confidential basis. The other non-confidential submission is available here. Effective date for the amendments For existing participants, the proposed reduction in the recovery time objective (RTO) in Guidance Note 10 will be phased in over a 3 year period. Existing participants will have 6 months from the date of publication of the revised Guidance Note 10 to comply with all of the other changes in Guidance Note 10. All new applicants for admission as participants will be expected to comply fully with revised Guidance Notes 1 and 10, including the proposed reduction in RTO, as a condition of being admitted as a participant. |
15/04/19 | ASX has today released a revised version of ASX Listing Rules Guidance Note 33 Removal of Entities from the ASX Official List (GN 33). Changes to GN 33 were foreshadowed in ASX’s consultation paper Simplifying, clarifying and enhancing the integrity and efficiency of the ASX Listing Rules issued on 28 November 2018. ASX has released the revised version of GN 33 earlier than foreshadowed in the consultation paper to:
The changes to ASX’s long term suspended entity policy will now take effect on Monday 3 February 2020, rather than the date originally proposed in the consultation paper of 1 July 2019. This is to allow currently suspended entities more time to pursue a transaction that could lead to them being reinstated to trading. All of the other changes in GN 33 take effect immediately. To assist readers to identify the changes, ASX has also released mark-ups comparing the new GN 33 to the version in force prior to 15/05/19 and the proposed version in ASX’s consultation paper. |
8/03/19 | On 8 March 2019, ASX released a consultation paper seeking stakeholder input on ASX’s proposal to update Guidance Note 10 ‘Business Continuity and Disaster Recovery’ and Guidance Note 1 ‘Admission as a Participant’ in relation to cyber resilience. ASX has taken steps to update its guidance on business continuity and disaster recovery and is asking participants to provide comments on the updated guidance, in particular, if the proposed transition arrangements are sufficient for participants to align their current business continuity arrangements with the updated guidance in Guidance Note 10. ASX is also proposing to clarify the risk management framework obligations in Guidance Note 1 to specifically incorporate cyber risk as a key consideration. ASX is asking participants whether they agree with the proposal not to impose prescriptive requirements on how participants should manage cyber risk and instead to require participants to align their cyber resilience arrangements to one or more of the latest global or national cyber standards and guidance. Written submissions are requested in electronic form by Friday 3 May 2019. |
30/01/19 | On 30 January 2019, ASX released a consultation paper outlining potential changes to the contract specifications and order management functionality for the Australian 90 Day Bank Bill Futures. The consultation paper has been published in response to customer feedback requesting a number of changes to the Bank Bill Futures. The following potential changes are outlined in the consultation paper:
Written submissions are requested by Tuesday 30 April 2019. |
2018
| Date | Description |
|---|---|
28/11/18 | ASX Limited (“ASX”) has today released a consultation paper Simplifying, clarifying and enhancing the integrity and efficiency of the ASX listing rules seeking feedback on a major package of proposed listing rule amendments. Broadly speaking, the proposed changes ASX is consulting upon can be grouped into 8 categories:
The consultation paper is accompanied by the following annexures:
A copy of the roadshow presentation for the consultation can be viewed here. Feedback on the consultation package is due by Friday, 1 March 2019 and should be sent to by email to: |
28/09/18 | On 28 September, ASX released its response to consultation on the management of the ASX Market. The response provides a summary of the feedback received from consultation paper released on 21 March 2018 that sought comment from market stakeholders on the management of the ASX Market. This paper provides the ASX responses. |
07/09/18 | On 7 September, ASX released its response to consultation on proposed amendments to the ASX Clear Operating Rules and the ASX Settlement Operating Rules to: (i) support the removal of the Registered Holder Collateral Cover Authorisation form for client accounts; and (ii) enable a third party to take a security interest over collateral and excess cash where prescribed conditions are met. This document summarises feedback received from stakeholders on ASX’s April consultation and ASX’s response to that feedback. Subject to regulatory clearance, the rule amendments will be effective 1 March 2019. |
04/09/18 | On 4 September 2018, ASX released its response to consultation on CHESS Replacement: New Scope and Implementation Plan. This provides a summary of the feedback received and the specific changes ASX will be making as a result. This included feedback on: the new and enhanced business functionality of the replacement system; some redundant services that would be decommissioned; the draft implementation plan; and the associated testing and transition arrangements. ASX received 41 written submissions, including 20 that were provided on a confidential basis. The submissions provided on a non confidential basis are available on the section of the website dedicated to CHESS Replacement. |
13/07/18 | On 13 July 2018, ASX released a consultation paper outlining potential changes to the documentary requirements for transfers from issuer holdings to CHESS holdings by ASX settlement participants that are not also ASX trading participants. The consultation paper invites feedback from stakeholders on the potential changes by 10 August 2018. |
27/04/18 | On 27 April, ASX released a consultation paper, CHESS Replacement: New Scope and Implementation Plan. This paper invites feedback to assist in planning for the delivery of the replacement system to CHESS. The paper sets out:
Written submissions are requested by Friday 22 June 2018. |
03/04/18 | On 3 April, ASX released a consultation paper, ASX Clear: Removal of Registered Holder Collateral Cover Authorisation Form. This paper seeks feedback from Participants on ASX’s proposals to:
Written submissions are requested by Tuesday 15 May 2018. |
21/03/18 | On 21 March 2018, ASX released a Consultation Paper on the Management of the ASX Market. This consultation paper follows a review of actions taken by the ASX during technical issues or outages, including:
ASX is also taking the opportunity to consult on the management of orders following a code change for an ASX listed entity. Written submissions should be made by 30 April 2018. |
2017
| Date | Description |
|---|---|
6/12/17 | On 6 December 2017, ASX released a Response to Consultation on proposed changes to the process for advising of changes to equity market security status. The document summarises feedback received from stakeholders on ASX’s September consultation paper and ASX’s response to that feedback. |
24/11/17 | On 24 November 2017, ASX released a Response to Consultation on proposed amendments to the ASX Clear (Futures) Operating Rules to support the clearing of NZD OTC Interest Rate Derivatives through ASX’s OTC Clearing Service in Q4 2017. This document summarises feedback received from stakeholders on ASX’s September consultation paper and ASX’s response to that feedback. The response document also includes revised and final Operating Rules that are subject to regulatory approval. |
| 20/10/17 | ASX has today released its Reverse Takeovers – Final Listing Rule Amendments. This document outlines the final Listing Rule Amendments to regulate reverse takeovers, along with additional amendments to the voting exclusions in listing rule 14.11 and minor amendments to listing rules 1.2 and 1.3 to clarify the accounts that an applicant for listing must provide to ASX with its listing application. These Listing Rule amendments are due to come into effect on 1 December 2017. The implementation of the final Listing Rule Amendments follows the release on 12 April 2017 of ASX’s Response to Consultation: Reverse Takeovers – Shareholder Approval Requirements – Exposure Draft Listing Rule Amendments which sought comments on an exposure draft of proposed Listing Rule amendments to require shareholder approval for reverse takeovers. ASX received 4 written submissions in response to the consultation paper. The submissions that were made on a non-confidential basis are available at the links below. |
11/09/17 | On 11 September, ASX released a consultation paper, ASX OTC Interest Rate Derivatives Clearing. This paper seeks feedback from OTC Participants on proposed amendments to the ASX Clear (Futures) Operating Rules to support the clearing of NZD OTC Interest Rate Derivatives through ASX’s OTC Clearing Service in the fourth quarter of 2017, subject to regulatory clearance. Written submissions are requested by Friday 13 October 2017. |
6/09/17 | On 6 September 2017, ASX released a consultation paper ASX-Listed Company Announcements: Processes for advising of changes to security status. The paper seeks feedback on the establishment of an independent FIX gateway to remove existing interdependencies between ASX’s listing operations and ASX Trade in the dissemination of changes to individual security trading status as well as other matters including a proposal to simplify the different periods during which trading is not permitted after a price sensitive announcement. Written submissions in response to the consultation paper are requested by Friday 6 October 2017. |
25/07/17 | ASX has today released a consultation paper in relation to the minimum core capital requirements (MCCR) approach for ASX Clear Participants. ASX is proceeding with the proposed approach as outlined in the January 2017 response to consultation. ASX is seeking response from participants on the drafted amendments to the ASX Clear Rules, ASX Clear Procedures, Capital Liquidity Handbook, and revised business activities return. Written responses are requested by Friday, 8 September 2017. |
10/07/17 | On 10 July 2017, ASX released a consultation paper ASX BBSW Trade and Trade Reporting Guidelines. The paper seeks feedback from stakeholders on the proposed ASX BBSW Trade and Trade Reporting Guidelines. The Guidelines have been written by ASX in consultation with the regulators and market participants active in the bank accepted bill (bank bills) and negotiable certificates of deposit (NCDs) market. Written submissions in response to the consultation paper are requested by Monday 7 August 2017. |
05/06/17 | On 5 June 2017, ASX released a consultation paper ASX Equity Market Closing Price and Settlement Price Determination. In response to a review following the ASX Trade outage in September 2016, the paper seeks feedback from stakeholders on closing price methodologies, particularly in market outage scenarios. Written submissions in response to the consultation paper are requested by Friday 7 July 2017. The outcome of the review (and a link to a more detailed explanation of the policy) was issued as a market notice on 5 April 2018. |
22/05/17 | On 22 May 2017, ASX released a Response to Consultation on OTC Rule and Handbook amendments related to ASX’s proposal to introduce a best practice OTC client clearing workflow for trade submission (Client Clearing API) and a multilateral compression service. This document summarises feedback received from stakeholders on ASX’s March consultation paper and ASX’s response to that feedback. The response document also includes revised and final Operating Rules that are subject to regulatory approval. |
12/04/17 | ASX has today released its Response to Consultation on Reverse Takeovers, together with Exposure Draft Listing Rule Amendments. These amendments will require bidders to obtain shareholder approval for reverse takeovers. ASX seeks written comments on the Exposure Draft Listing Rule Amendments by 26 May 2017. ASX received 14 written submissions in response to the consultation paper Reverse Takeovers - Consultation on Shareholders Approval Requirements for Listed Company Mergers issued on 10 November 2015. Of the submissions received, 1 was provided on a confidential basis. The submissions that were made on a non-confidential basis are available at the links below. |
10/04/17 | On 10 April 2017, ASX released a Response to Consultation on OTC Rule and Handbook amendments related to Default Management processes. This document summarises feedback received from stakeholders on ASX’s February consultation paper and ASX’s response to that feedback. The response document also includes revised and final Operating Rules that are subject to regulatory approval. |
31/03/17 | On 31 March 2017, ASX released a consultation paper ASX OTC Interest Rate Derivatives Clearing: Consultation on OTC Rule and Handbook amendments related to the Client Clearing API and Multilateral Compression Service. ASX seeks feedback from OTC Participants in relation to ASX’s proposal to introduce a best practice OTC client clearing workflow for trade submission (Client Clearing API) and a multilateral compression service in the second quarter of 2017. Written submissions in response to the consultation paper are requested by Friday 5 May 2017. |
6/03/17 | ASX has today released its response to consultation on the business requirements for the replacement of CHESS. In September 2016, ASX commenced consultation on the replacement of CHESS with the release of the consultation paper The objective of the Consultation Paper was to provide the market with an update on ASX’s evaluation of Distributed Ledger Technology (DLT), set out ASX’s preliminary thinking on the business requirements for a system to replace CHESS, and to seek initial views from users on their business requirements. ASX received 36 written submissions, including 23 that were provided on a confidential basis. The submissions provided on a non‑confidential basis are available on the section of the website dedicated to CHESS Replacement. |
13/02/17 | On 13 February, ASX released a consultation paper, ASX OTC Interest Rate Derivatives Clearing: Consultation on OTC Rule and Handbook amendments related to Default Management processes. ASX seeks feedback from OTC Participants in relation to ASX’s proposal to amend the OTC Default Management Group framework to reflect feedback from OTC Participants and learnings from recent OTC default simulations. Written submissions in response to the consultation paper are requested by Friday 10 March 2017. |
18/01/17 | ASX has today released its response to consultation on ASX Clear’s changes to the Participant Minimum Core Capital Requirements (MCCR) approach. ASX received responses (in the form of written submissions, emails and through bi-lateral meetings) from organisations and individuals in response to the consultation. All responses were provided on a confidential basis. Also, accompanying the response to consultation is the Business Activities Return, which ASX intends to use to refine the MCCR approach, and which non-bank CPs are required to complete and return to the ASX by 17 February 2017. |
2016
| Date | Description | |
22/12/16 | This supplementary questionnaire relating to CHESS replacement was requested by the Code of Practice - Business Committee at the most recent committee meeting held in December 2016. The questionnaire is largely modelled on Hong Kong Stock Exchange Group’s (HKEX) questionnaire regarding their planned upgrade of their post trade infrastructure. Some minor modifications have been made to make it more applicable to the Australian market. Response to the questionnaire is optional and due by Tuesday the 14th February 2017. Any additional information gathered through this questionnaire will supplement information already received and being considered through written submissions and face to face discussions. Completed questionnaires should be emailed to CHESSReplacement@asx.com.au. All individual responses will be treated as confidential but may be aggregated for reporting purposes. | |
25/11/16 | On 25 November, ASX released a consultation paper, ASX and ASX 24 Cancellation Policy Notification Timing Consultation Paper and Response to ETO Consultation. This paper seeks feedback from Participants on ASX’s proposal to increase the time to advise ASX by telephone of the initial cancellation request from 10 minutes to 30 minutes for all products. The paper also provides a summary of submissions received and ASX’s proposed response to the ETO Trade Cancellation Consultation issued earlier in 2016. Written submissions are requested by Friday 23 December 2016. | |
02/11/16 | ASX has today released its Response to Consultation on updating ASX’s admission requirements for listed entities, together with the final Listing Rule and Guidance Note changes outlined in the Response to Consultation. These Listing Rule and Guidance Note (GN) changes are due to come into effect on 19 December 2016:
ASX received 56 written submissions from organisations and individuals in response to the consultation paper Updating ASX’s admission requirements for listed entities issued on 12 May 2016. Of the submissions received, 29 were provided on a confidential basis. The submissions that were made on a non-confidential basis are available at the links below. | |
ASX also received in excess of 2,000 ‘form’ letters and emails from retail investors as part of a sponsored online campaign in relation to the proposed changes to the minimum spread requirements for listing. An example of the ‘form’ letters and emails is available here. ASX is also publishing a package of changes to the following GNs:
All of the GNs are marked up to show the changes to the current version, apart from GN 5 and GN 28, which are complete re-writes. | ||
22/09/16 | On 22 September, ASX released a consultation paper, Austraclear: New framework to facilitate compliance with the Common Reporting Standard. The consultation paper outlines ASX’s proposal to support Austraclear’s compliance with the Common Reporting Standard by introducing new eligibility criteria for Participants that hold Deposited Securities in the Austraclear System. ASX seeks feedback from stakeholders on the proposed eligibility criteria. Written submissions in response to the consultation paper are requested by Friday 4 November 2016. | |
30/06/16 | On 30 June 2016, ASX released the consultation paper, Changes to Clearing Participant Minimum Core Capital Requirements Approach - This paper seeks views on ASX’s proposed change in approach to determining Participant minimum core capital requirements to more fully reflect the complexity inherent within a Participant’s business. Under the changes being considered, ASX would retain the current base core capital requirement of $5m, $10m, $15m and $20m (depending on number of market participants the Participant clears for), and would introduce additional core capital requirements dependant on whether the participant undertakes any client short ETO activity, own account business in financial products and/or non-ASX business. An additional minimum core capital requirement of $2.5m or $5m would apply for each such activity undertaken by that Participant depending on the level of such activity. Written submissions are requested by Thursday, 11 August 2016. | |
27/06/16 | ASX today announced that it had finalised its amendments to the Appendix 4C and Appendix 5B quarterly cash flow reports following its review of the submissions received on its consultation paper dated 26 February 2016. Copies of the final reports are available on the ASX website at the following links: Appendix 4C and Appendix 5B. ASX received the following non-confidential submissions in response to its consultation paper: Botswana Metals Ltd ASX made some changes to the consultation versions of the Appendix 4C and Appendix 5B in response to these submissions, including:
Subject to the receipt of the necessary regulatory approvals, ASX anticipates that the new Appendix 4C and Appendix 5B will be incorporated into the Listing Rules and come into effect on 1 September 2016. The new forms should be used for all quarterly cash flow reports for quarters ending on or after 30 September 2016. | |
31/05/16 | On 31 May 2016, ASX released a response to consultation feedback in relation to the method used to determine ASX Settlement ‘non-business’ days. ASX proposed to align its methodology with The Reserve Bank of Australia’s Reserve Bank Information and Transfer System (RITS) availability. The consultation feedback provided strong support for ASX Settlement ceasing to observe local public holidays in NSW and Victoria with the majority of respondents citing the benefits of alignment with RITS and other securities settlement facilities in addition to improvements relating to funding liquidity, risk concentration and settlement availability. ASX received 17 written submissions including 3 non-confidential submissions. The non-confidential submissions are available below: | |
12/05/16 | ASX has today released a consultation paper on proposed changes to its requirements for admission to the ASX official list. The changes are designed to maintain and strengthen the reputation of ASX as a market of quality and integrity. The consultation paper and attachments are available here: Consultation Paper Written submissions are requested by Friday 24 June 2016. A form to assist respondents to answer the consultation questions can be downloaded here. | |
01/04/16 | On 1 April 2016, ASX released a Response to Consultation: Central Counterparty Recovery - Response to Consultation Feedback on Exposure Draft Rules for Interim Replenishment of Default Funds This document summarises feedback received from stakeholders on ASX’s December 2015 consultation paper and ASX’s response to that feedback. ASX received 7 written responses. The non-confidential submissions are available below: The response document also includes revised and final Operating Rules that are subject to regulatory approval. | |
23/03/16 | In response to requests from derivatives trading participants ASX is reviewing the existing regime for Exchange Traded Options (ETO) trade cancellations. ASX is seeking feedback from all ETO users on time limits participants have to notify ASX of errors and the possible introduction of a significant size threshold for an error to be considered as extreme. Written submissions are requested by Friday, 29 April 2016. | |
01/03/16 | On 1 March 2016, ASX released a consultation paper ASX Settlement Non-Business Days Policy Review. The paper seeks feedback in relation to the method used to determine ASX Settlement ‘non-business’ days whereby ASX is inclined to align its methodology with The Reserve Bank of Australia’s Reserve Bank Information and Transfer System (RITS) availability. The practical impact of such a change would see a small reduction in the number of ASX Settlement Non-Business days. Written submissions are requested by Monday, 11 April 2016. | |
29/02/16 | On 29 February 2016, ASX released a Review of ASX Trade Acceptance Service Legal Terms. The Legal Terms for the Trade Acceptance Service came into effect with the establishment of the service on 31 October 2011, with a term of five years. The Legal Terms are due to expire on 31 October 2016. The Legal Terms provide that a review be commenced twelve months prior to the expiry of the Legal Terms and that the review is published within four months of its commencement. The Review has not identified a need for significant changes to the Legal Terms. Accordingly, the Trade Acceptance Service will continue to be made available on substantially the same terms for another five year term. Some relatively minor changes will be implemented to update and simplify the drafting, and to remove a quarterly reporting requirement to reduce the compliance burden for Approved Market Operators. The proposed changes are explained in the Review Paper. | |
26/02/16 | On 26 February, ASX released a consultation paper Proposed revisions to ASX Listing Rules Appendices 4C and 5B. The paper seeks feedback on proposed changes to the quarterly cash flow statements in Appendices 4C and 5B to the ASX Listing Rules. Start-up entities that are not mining exploration entities are generally required to report quarterly cash flow information in an Appendix 4C, while mining exploration entities are required to report quarterly cash flow information in an Appendix 5B. The two Appendices are intended to reflect the cash flow statement normally included in an entity’s annual and half-yearly financial statements, as per current accounting standards, but on a quarterly basis and highlighting and expanding upon certain aspects that are deemed particularly relevant for investors (such as a more detailed breakdown of payments made to or received from related parties). Appendices 4C and 5B were implemented and have been amended over a number of years independently of each other, which has created some inconsistencies between them. They have also not kept pace with current accounting standards. The changes proposed to the Appendices seek to address these issues and also to enhance the format of the two Appendices to make them more user friendly, both from the point of view of issuers and investors. This includes adopting a new, more intuitive, numbering system for the different sections of the Appendices and changing the order of some of those sections. | |
24/02/16 | On 24 February, ASX released a consultation paper, Clearing Participant Liquidity Risk Management Frameworks. This paper seeks feedback on the proposed contents of a guidance note for Clearing Participants' liquidity risk management frameworks. This guidance note is intended to establish a minimum “baseline” standard for Clearing Participants' liquidity management. Written submissions are requested by Friday 29 April 2016. | |
2015
| Date | Description |
|---|---|
23/12/15 | On 23 December 2015, ASX released a Consultation Paper Facilitating Equity Sector Futures Roll Business on ASX Trade 24. The paper seeks customer feedback on options to enhance the roll market structure for equity sector futures contracts to encourage greater liquidity and lower the costs with rolling contracts at expiry. Written submissions are requested by Friday 29 January 2016. |
4/12/15 | On 4 December 2015, ASX released a Consultation Paper Central Counterparty Recovery – Consultation on Exposure Draft Rules for Interim Replenishment of Default Funds This document seeks feedback on Exposure Draft Rules to facilitate more rapid replenishment of the default funds of ASX Clear and ASX Clear (Futures) if they are depleted as a result of a participant default loss. The Exposure Draft Rules are available at ASX Recovery Rulebook– Applicable to ASX Clear and ASX Clear (Futures) |
10/11/15 | On 10 November, ASX released a consultation paper: Reverse Takeovers – Consultation on Shareholder Approval Requirements for Listed Company Mergers. The term “reverse takeover” refers to a takeover where a bidder acquires a larger target company offering its shares as consideration. This typically results in the target’s shareholders between them acquiring majority ownership of the bidder, the reverse of what would ordinarily happen in a “standard” takeover, where the bidder and its shareholders acquire majority ownership of the target. ASX has received representations from some investor and corporate governance groups that there is a gap in the regulatory framework for reverse takeovers in Australia because bidder shareholder approval is not required for a reverse takeover and therefore bidders have no say in whether the transaction proceeds even though they are effectively in the position of “target” shareholders. By contrast, the target shareholders do have a say through their right to accept or reject the offer (in the case of an off-market takeover offer) or to vote on the scheme proposal (in the case of a scheme of arrangement), even though they are effectively in the position of “bidder” shareholders. Through this Consultation Paper, ASX is seeking feedback from stakeholders on whether the listing rules should be amended to require bidder shareholder approval for reverse takeovers. Written submissions are requested by Thursday 17 December 2015. |
12/10/15 | On 12 October 2015, ASX released its review of the operation of listing rule 7.1A. The review includes discussion of changes that ASX is proposing to make to listing rule 7.1A and related rules, as well as changes that have been proposed to ASX by external stakeholders. ASX invites comments from all stakeholders on those proposals. Listing rule 7.1A was introduced in 2012. It applies to entities which are not included in the S&P/ASX300 index and which have a market capitalisation equal to or less than $300 million. It allows those entities to obtain a 12 month shareholder mandate to issue up to 10% of issued capital without further shareholder approval, in addition to the 15% permitted under listing rule 7.1. Comments on the proposals are requested by Monday 9 November 2015. |
02/10/15 | On 27 May 2015, ASX released a consultation paper seeking feedback on the proposed rule changes required to implement a trade date plus two business days (T+2) settlement cycle for cash market trades in Australia in March 2016 and a consequential reduction in the ex-period for corporate actions. Feedback was also sought in relation to the transitional arrangements being put in place to manage implementation of the change from a trade date plus three business day (T+3) settlement cycle. ASX received the following submissions in response to this consultation paper: |
17/08/15 | On 17 August 2015, ASX released a Response to Consultation: Central Counterparty Recovery – Response to Consultation Feedback on exposure draft rules to implement loss allocation and replenishment tools for clearing participant default and non-default loss This document summarises feedback received from stakeholders on ASX’s April 2015 consultation paper and ASX’s response to that feedback. ASX received 2 written responses. The non-confidential submission is available below: The response document also includes revised and final Operating Rules that are subject to regulatory approval. |
12/08/15 | On 11 March 2015, ASX released a consultation paper seeking comments on a package of proposed amendments to the ASX Listing Rules to facilitate dual listings by New Zealand companies. ASX received the following submissions in response to this consultation paper: AFMA During the regulatory review process, a number of changes were made to the rule amendment package. These changes, and the rule amendment package that has been submitted for final regulatory approval, are set out in ASX's Response to Consultation. |
22/06/15 | Earlier this year, ASX issued a consultation paper on proposed changes to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 -3.1B (GN 8) expanding the guidance on earnings surprises, publication of analyst forecasts and consensus estimates, and investor briefings. On 22 June 2015, ASX released a detailed consultation response, along with the final version of GN 8 (Attachment A), a mark-up comparing the final version to the draft version of GN 8 issued with ASX’s consultation paper (Attachment B), a mark-up comparing the final version to the current (pre-consultation) version of GN 8 (Attachment C), and a mark-up of ASX’s Abridged Guide to Continuous Disclosure reflecting the changes it has made to GN 8 (Attachment D). ASX intends to publish the final form of GN 8 on 1 July 2015. It will be available on and from that date on the “Rules, guidance notes and waivers” page on the ASX website. The final form of ASX’s Abridged Guide to Continuous Disclosure can be downloaded from the ASX Compliance “downloads” page on the ASX website. |
27/05/15 | On 27 May 2015, ASX released a consultation paper ‘Implementing a T+2 Settlement Cycle for the Cash Market: Draft Rule Amendments’. Through this consultation, ASX is seeking feedback on the proposed rule changes required to implement a trade date plus two business days (T+2) settlement cycle for cash market trades in Australia in March 2016 and a consequential reduction in the ex period for corporate actions. Feedback is also sought in relation to the transitional arrangements being put in place to manage implementation of the change from a trade date plus three business day (T+3) settlement cycle. This consultation follows on from earlier consultation in February 2014 on a move to a T+2 settlement cycle. Written submissions in response to this consultation paper are due by 8 July 2015. |
28/04/15 | On 6 March 2015 ASX issued a consultation paper seeking comments from listed entities and other stakeholders on proposed changes to ASX Listing Rules Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 -3.1B. ASX received the following seven submissions in response to this consultation paper: |
21/04/15 | On 21 April 2015, ASX released a Consultation Paper Central Counterparty Recovery – Consultation on Exposure Draft Rules to Implement loss allocation and replenishment tools for Clearing Participant default and non-default loss This document summarises feedback received from stakeholders on ASX’s October 2014 consultation paper and ASX’s response to that feedback. ASX received 13 written responses to the October 2014 Consultation Paper. The non-confidential submissions are available below: This document also seeks feedback on exposure draft rules to implement new loss allocation and replenishment tools for both participant default loss and non-default loss following the October 2014 Consultation. The Exposure Draft Rules are available at:
|
11/03/15 | On 11 March 2015, ASX released a consultation paper Facilitating Dual Listings by New Zealand Companies – Updating ASX’s Foreign Exempt Listing Rules. ASX is proposing to facilitate the dual listing of entities that are listed on the main board of NZX, by exempting those entities from the additional eligibility criteria applicable to ASX Foreign Exempt Listings. The changes will make it easier for NZX main board-listed entities to dual list on ASX by removing a dual compliance burden. Comments are due by Monday 20 April 2015. |
10/03/15 | On 10 March 2015, ASX released a Response to Consultation on proposed amendments to the Operating Rules of the ASX Group central counterparties, ASX Clear and ASX Clear (Futures) (ASX CCPs), which will enable excess customer collateral for derivatives to be held directly with the ASX CCPs and attributed to an individual client account. The Response document summarises the feedback received from stakeholders on ASX’s December 2014 consultation paper and ASX’s response to that feedback. The Response document also includes revised and final Operating Rules that are subject to regulatory clearance. |
06/03/15 | On 6 March 2015, ASX published a consultation paper seeking comments from listed entities and other stakeholders on proposed changes to ASX Listing Rules Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 - 3.1B. The changes expand the guidance given in relation to analyst and investor briefings, analyst forecasts, consensus estimates and earnings surprises. Comments are due by Friday 24 April 2015. |
16/02/15 | On 16 February 2015, ASX has released a consultation paper entitled "Reducing Red Tape: Results of Consultation Process and Invitation to Comment on Additional Rule and Procedure Changes, Guidance Note 1 Admission as a Participant and New Participant Application Form". The consultation paper summarises and responds to the submissions that ASX received in relation to the Reducing Red Tape consultation package ASX released on 31 October 2014. The consultation paper attaches the final form of the Rule and Procedure amendments for which ASX will now be seeking regulatory approval (Annexure A), subject to any further feedback ASX may receive on some new Rule and Procedure amendments ASX has added to the package. It also attaches the final form of ASX's proposed Guidance Note 9 Offshoring and Outsourcing (Annexure B). ASX is now inviting comments from participants, their advisers and other stakeholders on:
Comments on these materials are due by 20 March 2015. |
2014
| Date | Description | |
|---|---|---|
15/12/14 | On 15 December 2014, ASX released a consultation paper Enhanced Derivatives Account Segregation and Portability – Consultation on amendments to the Operating Rules of ASX Clear and ASX Clear (Futures). Through this consultation, ASX is seeking feedback from Clearing Participants and their Clients on ASX’s proposed amendments to the Operating Rules of the ASX Group central counterparties, ASX Clear and ASX Clear (Futures) (ASX CCPs), which will enable excess customer collateral for derivatives to be held directly with the ASX CCPs and attributed to an individual client account. ASX is introducing the enhancements to comply with regulatory guidance of the Reserve Bank of Australia, so that the ASX CCPs can gain recognition in the European Union. Submissions close on 6 February 2015. | |
03/12/14
| On 3 December 2014, ASX released a consultation paper Code of Practice for Clearing and Settlement of Cash Equities in Australia – Proposed Operational Improvements. Through this consultation, ASX is seeking feedback on the proposed operational improvements to the Code of Practice ahead of any review of market structure for cash market clearing by regulators and Government. Written submissions in response to this consultation paper are due by Friday, 27 February 2015. For your convenience, feedback on the proposed operational improvements may be provided by completing Appendix 3 of the consultation paper. | |
31/10/14 | On 31 October 2014, ASX released a consultation paper Reducing red tape – proposed amendments to ASX’s admission and notification requirements. ASX is proposing to standardise and streamline the admission and notification requirements for the ASX and ASX 24 markets and the clearing and settlement facilities that service those markets (ASX Clear, ASX Clear (Futures) and ASX Settlement). This will make it easier, faster and cheaper for organisations to become participants in ASX’s markets and facilities, encouraging more organisations to participate in Australia’s financial markets and bringing added strength, liquidity and diversity to them. It will also reduce the ongoing compliance overhead for participants in those markets and facilities. The consultation paper and annexures can be downloaded from: Reducing Red Tape consultation paper ASX received the following non-confidential submissions in relation to the consultation paper: Stockbrokers Association of Australia | |
02/10/14 | On 2 October 2014, ASX released a consultation paper Central Counterparty Recovery: Uncovered loss allocation and replenishment tools for clearing participant default Through this consultation, ASX is seeking feedback on proposals to introduce new powers under the operating rules of ASX Clear and ASX Clear (Futures) to address fully any credit losses or liquidity shortfalls they may face as a result of clearing participant default, and to replenish their default funds following such events. Written submissions in response to this consultation paper are due by Friday 7 November 2014. | |
12/09/14 | On 12 September 2014 ASX released a consultation paper seeking feedback on a proposed new ASX Listing Rules Guidance Note 34 Naming conventions for debt and hybrid securities. | |
26/08/14 | On 26 August 2014, ASX released a response to market entitled ASX Exchange Traded Options: Response to Consultation on Automatic-Exercise on Expiry Date & Approach for Exercise Errors which examined the introduction of automatic exercise as the clearing house default position for all in-the-money cash settled and deliverable option contracts on expiry date. The consultation paper also sought feedback on ASX Clear’s current approach in circumstances involving exercise errors where an option contract is inadvertently exercised, or where there has been an inadvertent failure to exercise an option contract. ASX received a total of 18 written submissions, including 15 confidential submissions. The submissions provided on a non confidential basis are available below: Australian Financial Markets Association | |
01/08/14 | On 1 August 2014, ASX released a consultation paper ‘Dilution Factor Calculation for Special Dividends’. Through this consultation, ASX is seeking feedback on the proposal to change the methodology used to calculate a dilution factor for special dividends and distributions. ASX received a total of 3 written submissions, including 1 confidential submission. The submissions provided on a non-confidential basis are available below: The change proposed in the consultation will be effective from 3 November 2014. | |
14/07/14 | On 14 July 2014, ASX released a consultation paper 'Derivatives Account Segregation and Portability – Enhanced Client Protection Structures'. Through this consultation, ASX is seeking feedback on the design of an enhanced client account structure which is intended to be implemented across the ASX Clear (Futures) Client Clearing Service for ASX 24 Exchange Traded Derivatives and OTC Interest Rate Derivatives. Potential enhancements include the protection of excess client collateral and the tracking of client non-cash collateral. Submissions close on 22 August 2014. | |
01/07/14 | Consistent with its Code of Practice commitments, ASX consulted in H1 2014 on enhancements to its service level commitments and Information Handling Standards for the Trade Acceptance Service and the Settlement Facilitation Service. In response to the Consultation Paper Clearing and Settlement Services for Approved Market Operators and Approved Listing Market Operators: enhanced service levels and information handling standards, ASX received written submissions from Chi X Australia (Chi X) and Asia Pacific Stock Exchange (APX). The Chi X submission is available here and the APX submission is available here. The outcome from the consultation process and ASX’s response to consultation feedback is available here. | |
15/05/14
| The consultation period for submissions in response to the ASX Consultation Paper ‘Shortening the Settlement Cycle in Australia: Transitioning to T+2 for Cash Equities’ closed on 7 April 2014. ASX received 23 written submissions. Eleven submissions were provided on a confidential basis. The consultation feedback will be considered by the advisory forum (the Forum) established by ASX under its Code of Practice for Clearing and Settlement of Cash Equities at its 23 June 2014. The submissions provided on a non confidential basis are available below. | |
Australian Custodial Services Association (ACSA) |
Omgeo Stockbrokers Association of Australia (SAA) | |
06/05/14
| On 6 May 2014, ASX issued the final version of its governance-related Listing Rule amendments. ASX also issued:
The changes to the ASX Listing Rules released with the supplementary consultation response are intended to come into effect on 1 July 2014, subject to receipt of the necessary regulatory approvals under the Corporations Act. | |
04/04/14
| On 4 April 2014, ASX released a consultation paper ASX exchange-traded options: Consultation on automatic exercise on expiry date and approach for exercise errors. ASX is consulting market participants, clearing participants and interested stakeholders on the ASX Clear procedural framework for the automatic exercise of in-the-money cash settled and deliverable option contracts. The consultation also seeks feedback on ASX Clear’s approach in circumstances where an option contract is inadvertently exercised, or where there has been a failure to exercise an option contract when the intention was to do so. The purpose of this consultation is to explore ways to improve operational risk management and efficiency for its customers and align its procedures with global best practice. Written submissions in response to this consultation paper are due by Monday, 19 May 2014. | |
25/02/14
| On 25 February 2014, ASX released a consultation paper ‘Shortening the Settlement Cycle in Australia: Transitioning to T+2 for Cash Equities’. Through this consultation, ASX is seeking feedback on the benefits, industry readiness, a feasible timetable for implementation and the key preconditions which will need to be in place to transition to T+2 for cash equities in Australia. Written submissions in response to this consultation paper are due by 7 April 2014. | |
| 21/02/14 | ASX issued a supplementary consultation paper inviting comments from listed entities, their advisers and other stakeholders on modifications to the governance-related Listing Rule amendments that it consulted upon in August-November 2013. The supplementary consultation paper is accompanied by a document with the modified changes to the ASX Listing Rules now proposed by ASX, together with a mark-up identifying how the modified rule changes vary from those originally proposed. In response to its supplementary consultation, ASX received 9 submissions including two confidential submissions. Submissions provided on a non-confidential basis are available below: | |
06/02/14
| mFund – Rules and Procedures The Rules for the mFund Settlement Service now have regulatory clearance and will become effective on a date to be advised. The Rules and Procedures are provided for the information of participants and other mFund users. ASX Operating Rules amendments | |
| 23/01/14 | On 23 January 2014, ASX released a consultation paper entitled Clearing and Settlement Services for Approved Market Operators and Approved Listing Market Operators: enhanced service levels and information handling standards. In the consultation paper, ASX proposes to enhance its service level commitments and operational and technical standards for the Trade Acceptance Service and the Settlement Facilitation Service. ASX also proposes to update the information handling standards applicable to the provision of these services. Written submissions in response to this consultation paper are due by 14 March 2014. | |
| 02/01/14 | On 2 January 2014, ASX released a Response to Consultation Feedback on proposed changes to the methodology for allocating ISINs issued by ASX over listed equity and other products, through its role as a National Numbering Agency. The consultation paper was released on 16/09/13 (see 2013 Consultation Papers). ASX received a total of three written submissions, including two confidential submissions. The submission provided on a non confidential basis is available here: | |
2013
| Date | Description | |
|---|---|---|
16/12/13
| In response to an ASX consultation paper released on 16 August 2013 on the proposed governance related amendments to the ASX Listing Rules and Guidance Note 9, ASX received 24 written submissions. Three of these submissions were provided on a confidential basis. Of the non confidential submissions, 16 were joint submissions responding to the proposed amendments to the ASX Listing Rules and the proposed amendments to the Corporate Governance Principles and Recommendations, which were released by the ASX Corporate Governance Council on 16 August 2013. ASX is considering the public submissions received on the proposed governance-related changes to its Listing Rules and, consequently, will defer the originally planned start date of 1 January 2014 for some of those rules. The submissions provided on a non confidential basis are available below: | |
| AMP Limited Australian Council of Superannuation Investors BHP Billiton British Columbia Investment Management Corporation Chorus Limited Commonwealth Bank Corrs Chambers Westgarth Governance Institute of Australia GRT Lawyers Herbert Smith Freehills Institutional Shareholder Services | King Wood Mallesons Law Council of Australia Macquarie University Net Balance Ownership Matters QBE Insurance SNS Asset Management Telstra Corporation Limited The Executive Remuneration Reporter 3 Degrees Consulting | |
The submissions provided to the ASX Corporate Governance Council in relation to the proposed changes to the Corporate Governance Principles and Recommendations are available here. | ||
12/12/13
| On 12 December 2013, ASX released a Response to Consultation paper on Draft Operating Rules for its OTC Interest Rate Derivatives and ASX 24 Exchange Traded Derivatives Client Clearing Service. The Response document summarises the feedback received from stakeholders on ASX’s August 2013 and October 2013 consultation papers and sets out ASX’s responses to that feedback. | |
26/11/13
| As outlined in ASX Clearing Corporation Notice 064/12 dated 3 December 2012 ASX Clear informed the market that the proposal to increase the minimum core capital requirement for Direct Participants from $5 million to $10 million had been deferred until 1 January 2015 at the earliest. The notice also advised ASX Clear’s intention to consult on this in 2013. ASX Clear has now issued a consultation paper on the minimum core capital requirements for ASX Clear Participants that are subject to the risk based capital requirements. In addition the paper also discusses the possibility of a tiered minimum core capital requirement for General Participants. Submissions closed on 8 November 2013. Ten submissions were received, including four confidential submissions. The six public submissions are:
Having considered the submissions received, ASX Clear has determined to keep the minimum core capital requirement for Direct Participants at $5 million and to imlement a tiered minimum core capital requirement for General Participants (with further consideration to be given to the actual tiering structure to be implemented). | |
04/11/13
| On 4 November 2013, ASX released a consultation paper entitled Timetable for Dividends and Distributions: A proposal to prescribe the last election date for a dividend reinvestment plan following the record date. The consultation paper sets out a proposal to amend the timetable for dividends and distributions in Appendix 6A of the Listing Rules to introduce a requirement for the last election date for a dividend reinvestment plan or a distribution reinvestment plan offered on a dividend or a distribution to be set no earlier than the business day following the record date for the dividend or distribution. Written submissions in response to this consultation paper are due by 29 November 2013. | |
17/10/13
| On 17 October, ASX released the second of two Consultation Papers on its Client Clearing Service for ASX 24 Exchange Traded Derivatives and OTC Interest Rate Derivatives, focusing on default management. ASX is inviting comments on the draft operating rules from all interested parties prior to formal submission of the rules to regulators for clearance. Submissions close on 15 November 2013. | |
16/09/13 | On 16 September 2013 ASX released a consultation paper on International Securities Identification Numbers: Removing the ASX Code which proposes changes to the methodology for allocating ISINs issued by ASX over listed equity and other products, through its role as a National Numbering Agency. ASX is inviting interested parties to provide comment by 31 October 2013. | |
12/09/13
| ASX has today issued a consultation paper seeking comments on a proposal to automatically de-list long-term suspended entities if their securities have been suspended from trading for a continuous period of three years. The consultation paper focuses on a 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 its request or at the instigation of ASX. ASX's consultation package includes:
ASX is inviting comments from all interested stakeholders on the consultation materials. Submissions are due by Friday, 1 November 2013. | |
28/08/13
| On 28 August 2013, ASX released the first of two Consultation Papers on its Client Clearing Service for ASX 24 Exchange Traded Derivatives and OTC Interest Rate Derivatives. ASX is inviting comments on the draft operating rules for the Client Clearing Service from all interested parties prior to formal submission of the rules to regulators for clearance. Submissions close on 2 October 2013. | |
28/08/13
| On 28 August 2013, ASX released a consultation paper on Changes to the Exchange Traded Option (ETO) Crossing Rules. ASX believes the ETO crossing proposal outlined in the paper will result in clearer, more efficient and less time consuming execution. ASX is inviting written submissions from interested stakeholders on the proposed ETO Crossing rule changes by 25 September 2013. | |
| 16/08/13 | On 16 August 2013 ASX released for public comment:
ASX’s media release is available here. Most of the changes proposed to the Listing Rules and to Guidance Note 9 complement and give effect to the reforms proposed by the ASX Corporate Governance Council in a new edition of its Corporate Governance Principles and Recommendations. The Council has issued a separate consultation paper on the proposed new edition of its Corporate Governance Principles and Recommendations, which is available here. ASX is inviting comments from all interested stakeholders on the consultation materials. Submissions are due by Friday, 15 November 2013. Parties may, if they wish, make a single submission responding to both ASX's and the Council's consultation papers. | |
06/05/13
| On 6 May 2013, ASX released a market response and exposure draft Modernising the Timetable for Rights Issues: Draft ASX Listing Rules. The market response and exposure draft provides a response to feedback received through consultation undertaken in 2012 on proposals to reduce the timetables for rights issues. It also sets out draft amendments to the ASX Listing Rules to reduce the standard timetables for traditional rights issues from 26 to 19 business days, and to introduce standard timetables for accelerated rights issues.. | |
01/05/13
| On 1 May 2013, ASX released a Response to Consultation on Draft Operating Rules for its OTC Interest Rate Derivatives Clearing Service. The Response document summarises the feedback received from stakeholders on ASX’s February 2013 consultation paper and ASX’s response to that feedback. The Response document also attaches revised Operating Rules, incorporating changes made in response to stakeholder input, that are subject to formal approval by Clearing Participants and regulatory clearance. | |
10/04/13
| On 10 April 2013, ASX released a consultation paper on the draft Code of Practice for Clearing and Settlement of Cash Equities in Australia. ASX is developing the Code following an announcement by the Deputy Prime Minister and Treasurer on 11 February 2013 to defer a decision on any licence application from a central counterparty seeking to compete in the Australian cash equity market, thereby retaining the current market structure for the next two years. ASX has committed to commencing the operation of the Code by 9 August 2013. | |
| 13/03/13 | ASX released today its Review of ASX Listing Rules Guidance Note 8: Consultation Response, together with the final versions of:
Drafts of these documents were released for public consultation on 17 October 2012. The marked-up versions being released today show the differences between the consultation drafts and the final versions, so interested parties can readily identify the changes. ASX received 19 non-confidential and two confidential written submissions in response to its consultation paper. Copies of the non-confidential submissions are available below:
| |
| 19/02/13 | On 19 February 2013, ASX released for public comment draft operating rules for ASX’s OTC Interest Rate Derivatives Clearing service. ASX is inviting comments on the draft operating rules from all interested parties prior to formal submission of the rules to regulators for clearance. | |
2012
| Date | Description |
|---|---|
25/10/12 | ASX released on 25 October 2012 a consultation paper Derivatives Account Segregation and Portability, seeking views on potential changes to the derivatives account structures it offers, and the means by which margins are calculated and held, under its central counterparty services for clearing futures, options and other derivative financial products. The potential changes raised in the paper are in response to new regulatory standards (CPSS-IOSCO principles and RBA Financial Stability Standards) and to the growing demands from customers for a client clearing model option which provides greater protection in the event of a clearing participant default. Submissions closed on 7 December 2012. Public submissions received can be found here. |
17/10/12 | On 17 October 2012 ASX released for public comment:
The focus of the consultation is the proposed new version of Guidance Note 8, which is intended to provide listed entities and their officers and advisers with clearer, more detailed information to assist them in understanding and complying with their continuous disclosure obligations under Listing Rules 3.1 – 3.1B. ASX is inviting comments from all interested stakeholders on the consultation materials. Submissions are due by Friday, 30 November 2012. The slide presentation from the ASX Continuous Disclosure Consultation Roadshow can be viewed here. |
19/09/12 | On 19 September ASX released a consultation paper outlining a new capital raising service being offered by ASX that will allow ASX listed companies to price and allocate new securities through an on-market, automated bookbuild mechanism called ASX BookBuild®. The key objective of ASX BookBuild® is to improve the transparency, fairness and efficiency of the capital raising process. ASX BookBuild® will provide companies that are listed or seeking listing with an alternative to the current off-market bookbuild process when issuing new securities as part of a placement or Initial Public Offering (IPO).
The consultation period closed on
24 October 2012. ASX received 10 written submissions. Five submissions were received on a confidential basis. Public submissions were made by:
|
18/09/12 | On 18 September 2012, ASX released for public comment draft Listing Rules and Guidance Notes for reserves and resources reporting by mining and oil and gas exploration and production entities. The release of the draft rules is the culmination of an extensive process of consultation with industry and investor stakeholders that was commenced by ASX in October 2011 with the release of the ASX Listing Rules Review Issues Paper. In April 2012, ASX released a Report on Consultation Feedback, which provided a summary of the feedback received from 122 written submission and the 54 roundtables and consultation meetings held by ASX across Australia in late 2011 and early 2012. This feedback has been taken into account in developing the new reporting requirements that have been released for comment. In parallel to this initiative, JORC has also released for consultation a revised and updated JORC code, which together with the SPE PRMS for oil and gas companies, will underpin the new requirements in the ASX Listing Rules. Comments on the draft Listing Rules and Guidance Notes are requested by 26 October 2012. |
30/08/12 | The period for submissions to ASX's consultation paper Modernising the timetable for rights issues: facilitating efficient and timely rights issues has now closed. 21 submissions were received. Seven submissions were provided on a confidential basis. Public submissions were provided by: |
20/08/12 | On 20 August 2012, ASX released a consultation paper ASX 3 and 10 Year Treasury Bond Futures Quarterly Roll. The consultation paper sets out a number of proposals that may improve the efficiency of the bond roll process. Submissions closed on 28 September 2012. A summary of submissions received is provided in ASX 3 and 10 Year Treasury Bond Futures Quarterly Roll: Summary of Comments. ASX is engaging in further discussions with market participants regarding the feedback received prior to making any final decisions on roll market structure changes. |
03/07/12 | On 3 July 2012, ASX released a consultation paper Modernising the timetable for rights issues: facilitating efficient and timely rights issues. The consultation paper sets out a number of proposals to reduce the standard timetable for rights issues by leveraging off advancements in technology, systems and operational processes. ASX is inviting comments on the proposals by 14 August 2012. |
03/04/12 | ASX has today issued a Consultation Paper: Single Stock ETO Expiry: Response to Market Interruptions relating to the management of ETO expiry in the event of a market interruption on expiry day. ASX considers that is appropriate to seek response from the industry given the wide range of feedback received during the ASX TradeMatch® outage that occurred on 27 October 2011. |
02/04/12 | On 2 April 2012, ASX released a Report on Consultation Feedback summarising the feedback received in response to ASX’s consultation paper on Reserves and Resources Disclosure Rules for Mining and Oil & Gas Companies. The consultation process has confirmed broad support for ASX’s proposals to facilitate greater transparency and consistency in reserves and resources reporting. ASX intends to release detailed rules on its proposals for an enhanced reporting framework for the disclosure of reserves and resources information by mining and oil and gas companies in the second half of 2012. ASX is continuing to consult with industry stakeholders, including JORC, and with ASIC to develop this enhanced reporting framework. |
02/04/12 | On 2 April 2012, ASX released Strengthening Australia’s equity capital markets: ASX proposals and consultation setting out a number of proposals designed to facilitate capital raising for mid to small caps and updating ASX’s admission requirements. This package is the first phase of the listing initiatives that ASX is rolling out in 2012 to strengthen Australia’s equity capital markets. ASX is inviting comment on these proposals to increase the capital raising limit for mid to small caps and to update the admission requirements. Comments are requested by 14 May 2012. See the contact details provided in the document. |
20/03/12 | ASX is proposing to broaden the range of international equities available on ASX by quoting UDRs (unsponsored depositary receipts). UDRs are conceptually similar to Chess Depositary Interests (CDIs), and will allow investors in the Australian market to obtain an equitable interest in international securities though a security that is traded, cleared and settled on the ASX market. Please note that the ASX UDR program is subject to regulatory approval. The introduction of the UDR program has given rise to the question of the index eligibility of UDRs. Current index methodology requires index constituents to be listed on ASX. UDRs would be quoted rather than listed and hence would be ineligible for index inclusion under the current methodology. Given the interest in the index eligibility aspect of the UDR program, S&P and ASX have released this consultation paper and invite submissions by Tuesday 17 April. Responses to the consultation will determine whether to amend the current index methodology such that UDRs become eligible for inclusion in the index (subject to other existing index eligibility criteria being met). |
17/01/12 | On 17 January 2012, ASX released a consultation paper - Equity Exchange Traded Options (ETOs) Market - Market Structure Reform Proposals 2012 - 2014 (PDF 263KB). The consultation paper sets out discussion points on the next set of reforms and developments ASX should consider undertaking for the ETO Market. ASX invites comments from interested stakeholders by 30 March 2012. |
2011
| Date | Description |
|---|---|
11/11/11
| ASX is proposing to amend its Listing Rules to introduce a requirement that an applicant for ASX listing satisfy ASX that its directors or proposed directors at the date of listing are of good fame and character. The relevant amendments to the Listing Rules and Appendix 1A (ASX Listing application and agreement) have been lodged with the Australian Securities and Investments Commission and ASX has received confirmation that the Minister has determined not to disallow the amendments. The amendments will come into effect on 1 January 2012. Applications for listing received on or after that date will need to be made on the new form of Appendix 1A and include the additional material referred to in Appendix 1A items 10A, 10B and 10C (in the case of listed companies) or items 22A, 22B and 22C (in the case of listed trusts). ASX will be issuing new versions of Listing Rules Guidance Note 1 Applying for Admission - ASX Listings, Guidance Note 4 Foreign Entities listing on ASX and Guidance Note 12 Significant Changes to Activities on or about 1 January 2012 to include guidance on the ‘good fame and character’ requirement. ASX is inviting comment from listed entities and their advisers on the proposed new versions of:
If you wish to provide comments, please do so by 16 December 2011 to the following email address: kelly.boschenok@asx.com.au. |
05/10/11
| On 5 October 2011, ASX released a consultation paper - ASX Listing Rules Review Issues Paper: Reserves and Resources Disclosure Rules for Mining and Oil & Gas Companies - on the Listing Rule reporting requirements applicable to reserves and resources reporting by listed mining and oil and gas exploration and production companies. The consultation paper is the first stage of a review aimed at enhancing reserves and resources disclosure. ASX invites comments from interested stakeholders on the key reporting issues and the proposals examined in the consultation paper by 27 January 2012. |
12/09/11
| ASX is developing a Managed Funds Quotation and Settlement Service, which it proposes to launch in April 2012. Interested parties are encouraged to refer to the ASX Operating Rules and ASX Settlement Operating Rules Exposure Draft (amendments in relation to 'AQUA II') for an overview of the proposed changes. The ASX Operating Rule Amendments and ASX Settlement Operating Rule Amendments are now available for public consultation. Product Issuers in particular are encouraged to review the ASX Operating Rule Amendments (Schedule 10A) regarding the quotation and admission of products on ASX PriceDisplay and advise whether these requirements are appropriate for the quotation of their products. Please provide specific feedback in your submission where this is not the case. Any queries on these changes can be directed to Stephen Small at ASX on (02) 9227 0318. Participants and Unit Registries are encouraged to review and provide any specific feedback on the ASX Settlement Rule Amendments. Any queries on these changes or the ASX managed funds service in general can be directed to Chan Arambewela at ASX on (02) 9227 0627. Respondents are encouraged to make submissions by email. Submissions will be accepted till 30 September 2011. Submissions will then be reviewed and considered as part of the informal lodgement of the rule amendments with ASIC. |
29/08/11
| ASX proposes to launch PureMatch as of Monday 28th November 2011 (subject to regulatory approval). The proposed Rules and Procedures in relation to PureMatch are being made available for the information of Participants. Please note that the Rules are subject to Ministerial non-disallowance. |
11/08/11
| Facilitating Common Forms of Capital Raising and other Rule Changes. ASX has exposed draft rule amendments for a four week period ending Friday 9 September. These rule amendments: (a) facilitate common forms of renounceable and non-renounceable capital raisings; and (b) contemporise the language used in the listing rules, settlement rules, and operating rules in relation to the issue of securities. |
06/07/11
| ASX has received a number of requests to change the Equity Index (XJO) option contract tick value from 1 pt to 0.5 pt to allow for a more granulated execution price. In response to this request ASX is engaging with the market via a consultation paper to obtain the views of investors in relation to this change. ASX invites submissions by 31 July 2011. Please see the attached paper for further information. |
28/03/11
| The ASX has commenced an SME, Mid-Cap and Micro-Cap Equity Market Review ("the Review") with the aim of better meeting the needs of issuers and investors outside the S&P/ASX200, and those based in Western Australia in particular. ASX invites submissions by Friday 20 May. Please see the attached paper for further information. |
15/02/11
| Following the launch of an Australian equity volatility index in Q3 2010, the S&P/ASX 200 VIX, ASX received a number of requests for derivatives to be made available over the this index. In response to this feedback ASX proposes to list derivative products in the form of futures and possibly options on futures over the S&P/ASX 200 VIX. This consultation paper seeks market participant feedback on the proposed contract design for S&P/ASX 200 VIX Futures and Options. |
| 17/01/11 | ASX has released a consultation paper and exposure draft (PDF 175KB) which sets out amendments ASX proposes to make to its Listing Rules to facilitate common forms of renounceable and non-renounceable capital raisings without the need for listing rule waiver. These types of capital raisings are commonly referred to as “accelerated rights issues” or “Jumbo”, “Rapid” and “Sareo”. Comments are requested by Friday 25 February 2011. |
2010
| Date | Description |
|---|---|
| 13/10/10 | ASX and S&P released a consultation paper on the index eligibility of New Zealand and PNG secondary listings on ASX (PDF 27KB). |
| 06/10/10 | ASX released a consultation paper on its Trade Cancellation Policy (PDF 200KB). The paper outlines proposed changes to ASX and ASX 24 cancellation policies. |
| 10/08/10 | ASX released a Consultation Paper (PDF 124KB) asking for comment on the AQUA rule framework and setting out proposed rule amendments. |
| 04/08/10 | ASX released the details of amendments to the Listing Rules (PDF 41KB), which require S & P / ASX 300 Index entities to have a remuneration committee comprised solely of non-executive directors. |
| 19/07/10 | ASX released the details of the amendments to the Listing Rules (PDF 56KB), which require listed entities to adopt and disclose a company trading policy, and an associated Guidance Note - Guidance Note 27 - Trading Policies (PDF 38KB) - to assist listed entities to comply with their obligations under the relevant listing rules. |
| 22/04/10 | ASX released an Exposure Draft (PDF 120KB) outlining the proposed amendments to the ASX Listing Rules introducing requirements for: listed entities to adopt and disclose a company trading policy; and the top 300 ASX listed entities to have a remuneration committee that is comprised solely of non-executive directors. |
| 08/02/10 | Having observed sustained growth in algorithmic trading, the Australian Securities Exchange (ASX) initiated a review of algorithmic trading and market access arrangements (PDF 948KB) in Australia (‘the ASX Review’). |
| 29/01/10 | ASX released an information paper on capital raising in Australia (PDF 314KB) and some other major markets during the global financial crisis. |
2018
| Date | Description |
14/05/18 | On 14 May 2018 ASX made a submission to a Treasury consultation on draft regulations amending elements of the ASIC Supervisory Cost Recovery Levy. The submission noted that it was important that the authorities carefully consider the impact on markets of the mechanism used to share costs amongst equity and futures market participants. |
01/05/18 | On 1 May 2018 ASX made a submission to a Treasury consultation on the exposure draft of the Treasury Law Amendment (ASIC Fees) Regulations 2018. The submission supported an appropriate fee-for-service model to recover the costs of demand driven services but noted some further clarity was necessary to explain how it will apply in practice. |
2017
| Date | Description |
18/12/17 | On 18 December 2017 ASX made a submission to a Treasury consultation on the introduction of a fee-for-service element to the ASIC industry funding model. The submission supported an appropriate fee-for-service model to recover the costs of demand driven services but noted some further clarity was needed on how the two elements of the funding model interact and how some of the particular fees will be applied in practice. |
2016
| Date | Description | |
16/12/16 | On 16 December 2016 ASX made a submission to a Treasury consultation on the proposed ASIC industry funding model. The submission made a number of observations on the impact of the new model on listed companies; market infrastructure providers; and equity and futures market participants including the effect this may have on the competitiveness of Australia’s financial services sector. | |
12/08/16 | On 12 August 2016 ASX made a submission to ASIC CP262: Remaking and repealing ASIC class orders on markets and securities. The submission supported ASIC’s proposals to remake a number of class orders that reduce compliance costs for participants in public markets. | |
05/08/16 | On 5 August 2016 ASX made a submission to the Productivity Commission’s Inquiry into Data Availability and Use. The submission provided background on ASX’s data services and a few high-level perspectives on some of the matters raised in the Issues Paper, focussing particularly on the advantages to be gained by commercial-led solutions. | |
2015
| Date | Description |
08/05/15 | On 8 May 2015 ASX made a submission to the Council of Financial Regulators’ on the licensing regime for overseas clearing and settlement facilities. The submission argued that a regulatory framework should ensure that facilities providing services to Australian investors and/or to systemically significant financial markets are governed by Australian licensing. Exceptions to this should only be contemplated where the market/products they are servicing are not now, or expected in the future, to be systemically significant. Protecting the interests of Australian users of the overseas facility and maintaining the ability of domestic regulators to have appropriate controls over systemically important markets should continue to be paramount factors in the Minister’s decision on approving a licence application, the nature of that licence and any conditions attached to it. |
30/04/15 | On 30 April 2015 ASX made a submission to the Reserve Bank of Australia on the central clearing of repurchase agreements (repos) in Australia. ASX believes that there are potentially significant benefits to be gained from central clearing, but in the short term, the likelihood of such benefits being realised is limited under the current structure of the repo market. An industry design study could be established to explore in more detail the costs and benefits of the central clearing of repo transactions and the structural changes to the market that would be a necessary precursor. |
27/03/15 | On 27 March 2015 ASX made a submission to the Council of Financial Regulators’ review of competition in clearing Australian cash equities. A single post-trade infrastructure remains the most efficient structure for a market the size of Australia. ASX proposes that the current effective, industry-led regulatory settings be maintained and that the moratorium on competition in cash equities clearing should be extended for five years. This would give ASX the certainty it needs to commit to a significant investment in Australia’s cash equities post-trade infrastructure, including the replacement of CHESS. This would be accompanied by changes to ASX Clear’s fees and a strengthening the operation of the Code of Practice. These changes will deliver outcomes that are consistent with a competitive market and that are in line with best practice regulation. |
27/03/15 | On 27 March 2015 ASX made a submission to the Reserve Bank of Australia’s consultation on a resolution regime for Financial Market Infrastructures. ASX strongly supported implementation of a FMI resolution regime as it is critical to maintaining and enhancing Australia’s reputation for safe and well regulated markets. |
27/03/15 | On 27 March 2015 ASX made a submission in response to the Treasurer’s call for consultation around the recommendations of the Financial System Inquiry. ASX focused on the need to develop regulatory frameworks in Australia that facilitate the growth of the domestic corporate bond and crowdfunding markets. In addition, there was support for a range of sensible reforms to improve the operation, and protect the stability, of the financial system. |
2014
| Date | Description | |
26/08/14 | On 26 August 2014 ASX lodged its submission in response to the interim report of the Financial System Inquiry. ASX’s submission focuses on four key areas: funding (equity and debt) economic activity; competition in the financial system; appropriate regulatory arrangements; and international integration. It proposes that the growth of a domestic corporate bond market could be enhanced by the removal of the requirement for a prospectus to accompany the issue of ‘vanilla’ corporate bonds to retail investors. Australia’s robust continuous disclosure regime (through the issue of a ‘cleansing notice’) combined with a term sheet with key features of the bond issue would provide investors with the necessary information to make an informed investment decision. | |
24/06/14 | On 24 June 2014 ASX lodged its submission to the Government’s Competition Policy Review. The submission notes that a modern competition policy needs to look outward, supporting market structures and incentives for businesses to compete globally from Australia, as well as delivering efficiencies to, and protecting, consumers and small business within Australia. The policy now needs to balance the focus on competition within Australia with a greater focus on the competitiveness of Australia. | |
| 31/03/14 | ASX lodged its submission to the Financial System Inquiry on 31 March 2014. The submission notes that the Inquiry comes at an important time, with the global regulatory and competitive environment evolving significantly in recent years. Choices can be made now to secure the future of Australia’s financial markets and make the most of the opportunities in Asia. | |
| 07/02/14 | On 7 February 2014, ASX made a submission to Treasury on Employee share schemes and startups. The submission supports a change to the tax arrangements to facilitate the establishment of employee share schemes, recognising that they are a way for cash-poor early-stage companies to attract and compensate talented staff in place of high salaries. | |
2013
| Date | Description | |
| 23/12/13 | On 4 December 2013 ASX made a submission in response to the draft terms of reference of the Government’s Financial System Inquiry. The submission supported the Inquiry’s broad perspective on the factors, such as advancements in technology and global regulatory changes, that will have a material impact on the business models and competitiveness of the Australian financial sector. | |
| 29/11/13 | On 29 November 2013 ASX made a submission in response to a discussion paper issued by the Corporations and Markets Advisory Committee on Crowd sourced equity funding. The submission notes that such mechanisms may eventually grow to be an important element in funding small companies in innovative industries and argued that targeted regulatory relief to facilitate such arrangements are worth consideration by Government. | |
| 21/10/13 | On 21 October 2013 ASX made a submission to the Senate Economics References Committee Inquiry into the Performance of Australian Securities and Investments Commission. The submission noted that Australia’s financial regulators (including ASIC) have been performing their roles well and outlined some of the challenges facing regulators in the post-GFC period. | |
| 15/05/13 | On 15 May 2013 ASX made a submission to the Treasury consultation paper ASIC Market Supervision Cost Recovery Arrangements July 2013-2015. ASX supported the proposed refinements to the cost-recovery methodology but sought an amendment to the Cost Recovery Impact Statement to clarify a section on the impact of market competition. | |
| 10/05/13 | On 10 May 2013 ASX made a submission to the ASIC consultation paper CP202: Dark Liquidity and High-Frequency Trading: Proposals. ASX supported the introduction of a minimum order threshold for trades executed without pre-trade transparency and increased obligations on broker crossing networks to enhance transparency and market confidence in these venues. ASX did not support the proposals to reduce tick-sizes for some securities or to impose a minimum resting time for ‘small and fleeting’ orders. | |
| 01/05/13 | On 1 May 2013 ASX made a submission to the ASIC consultation paper CP205: Derivative Transaction Reporting. ASX supported the proposed reporting framework, including the need to ensure any alternative reporting arrangements should only be available in very limited circumstances. However, ASX questioned its application to CCPs. | |
| 12/04/13 | On 12 April 2013 ASX made a submission to the ASIC consultation paper CP201: Derivative Trade Repositories. ASX supported the proposed licensing and regulatory framework that underpins the mandatory reporting of certain OTC derivative transactions. | |
| 15/02/13 | On 15 February 2013 ASX made a submission the ASIC consultation paper CP196: Periodic statements for quoted and listed managed investment products and relief for AQUA products. ASX supported the proposal to provide relief to facilitate quotation of ETFs on the AQUA market. | |
| 15/02/13 | On 15 February 2013 ASX made a submission the Treasury consultation paper Implementation of Australia’s G20 over-the-counter derivatives commitments. ASX supported the proposal to mandate trade reporting of OTC derivatives and indicated it would be establishing a trade reporting service under the new requirements. | |
| 01/02/13 | On 1 February 2013 ASX made a submission to the Treasury consultation paper Options for amending the ASIC Market Supervision Cost Recovery Arrangements. ASX supports the broad design of the cost allocation methodology given it is consistent with the Government’s cost-recovery principles. The levy is designed to recover the costs of regulation from those whose activities are driving the costs of regulatory supervision. The submission notes that the proposal to provide an exemption for market makers from message based fees is problematic as it would be difficult to administer and would be open to gaming or to delivering inequitable outcomes. | |
| 01/02/13 | On 1 February 2013 ASX made a submission to the Treasury consultation paper Australia’s Financial Market Licensing Regime: Addressing Market Evolution. ASX supports the proposals to modernise the market licensing regime to reflect significant changes in market structure (such as the growth of dark pools) and to provide a robust and flexible framework that can successfully adjust as markets continue to evolve. | |
2012
| Date | Description |
21/12/12 | On 21 December 2012 ASX made a submission to the ASIC consultation paper CP195: Proposed amendments to ASIC market integrity rules ASX24 and FEX markets. ASX supported the enhancements to market integrity rules applying to participants in licensed derivatives markets. The submission also highlighted the importance of end clients having transparency into, and an understanding of, the different risks and potential outcomes they may face when dealing with a foreign-based clearing house in the event of a default. |
14/12/12 | On 14 December 2012 ASX made a submission to the Treasury consultation paper Strengthening APRA’s crisis management powers. ASX supported regulators having clear statutory powers to protect the interests of Australian investors and financial market participants, and Australian financial system stability, in the event of a clearing house’s failure. |
19/10/12 | On 19 October 2012 ASX provided submissions to two related consultation papers on clearing and settlement regulation issued by ASIC and the RBA:
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17/09/12 | On 14 September 2012 ASX provided a submission to the ASIC consultation paper (CP184), Australian market structure: Draft market integrity rules and guidance on automated trading. ASX’s submission supports ASIC’s proposals for participants level risk controls which complement the controls that ASIC has imposed on market operators. |
31/08/12 | On 31 August 2012 ASX provided a submission to the ASIC consultation paper CP181: Retail Trading in Commonwealth Government Securities. ASX strongly supports ASIC’s proposals and has developed an operational and legal framework based on the use of depository interests to facilitate trading in CGS. The ASX submission raises some operational issues in relation to implementing this initiative. |
10/08/12 | On 10 August 2012 ASX provided a submission to the Council of Financial Regulator’s consultation paper Competition in the clearing and settlement of the Australian cash equity market. ASX submits that a rigorous cost-benefit analysis is needed before a move away from the existing market structure in Australia (a single clearing house and settlement facility) is considered. ASX welcomes competition where this provides a clear net benefit to the profitability and stability of Australia’s financial markets and improves Australia’s global competitive position. |
06/08/12 | On 6 August 2012 ASX provided a submission to the ASIC consultation paper (CP179), Australian market structure: Draft market integrity rules and guidance. ASIC’s Consultation Paper 179 raises important issues for Australian financial markets that if not acted on quickly could result in the undermining of the integrity of Australia’s markets and long term investor confidence. ASX believes ASIC should act now with a comprehensive set of measures to protect the quality of the Australian cash equity market rather than risk an incremental approach that may not achieve its objective. |
16/02/12 | ASX provided a submission to the ASIC consultation paper (CP168), Australian equity market structure: Further proposals (PDF 226KB). The ASIC consultation paper proposed new market integrity rules to address regulatory issues resulting from recent market development in Australia. The ASX submission focuses on issues around dark pool trading and volatility controls to manage extreme price movements. |
2011
| Date | Description |
| 23/09/11 | On 23 September 2011, ASX provided a submission to Treasury's Proposed financial market supervision cost recovery model Consultation Paper, released August 2011. |
| 21/01/11 | On 21 January 2011, ASX made a submission (PDF 436KB) in response to ASIC Consultation Paper 145 Australian Equity Market Structure: Proposals. |
2010
| Date | Description |
| 26/03/10 | ASX released a submission (PDF 142KB) to ASIC Consultation Paper 131 Proposed ASIC Market Integrity Rules: ASX and SFE Markets |
