Skip to content

Public consultations

 

Date Description

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.
ASX is proposing to introduce naming conventions for debt and hybrid securities quoted on the ASX market to assist retail investors to understand what it is they are buying when they purchase these types of securities.
If adopted, the proposed new Guidance Note will apply to securities quoted on ASX on or after the date the new Guidance Note comes into effect. It will not operate retrospectively in relation to securities already quoted on ASX prior to that date.

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.

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
IMC Financial Markets
Optiver Australia

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.
Submissions close on 12 September 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.

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.

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) INSTINET
BNP Paribas Securities Services Omgeo
Broadridge Australia Pershing Securities
Computershare Stockbrokers Association of Australia (SAA)
GBST New Zealand Securities Industry Association (SIA)
Governance Institute of Australia UBS

06/05/14

 

On 6 May 2014, ASX issued the final version of its governance-related Listing Rule amendments.  ASX also issued:

  • a Supplementary Consultation Response outlining the changes it has made to its proposed governance-related Listing Rule amendments, which were the subject of an initial consultation in August-November 2013 and a supplementary consultation in February-March 2014 
  • a mark-up identifying the changes made in the final version compared to the proposed changes issued with its supplementary consultation paper in February 2014

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.

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.

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:

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.

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
ASX Settlement Rules amendments
ASX Operating Rules Procedures amendments
ASX Settlement Rules Procedures 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:


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.

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 proposed changes being deferred include the introduction of a new Listing Rule 3.19B, requiring the disclosure of on-market purchases of securities on behalf of employees or directors or their related parties under an employee incentive scheme. They also include amendments to a number of Listing Rules that currently apply to “associates”, extending their reach to “related parties”.

The submissions provided on a non confidential basis are available below:

AMP Limited King Wood Mallesons
Australian Council of Superannuation Investors Law Council of Australia
BHP Billiton Macquarie University
British Columbia Investment Management Corporation Net Balance
Chorus Limited Ownership Matters
Commonwealth Bank QBE Insurance
Corrs Chambers Westgarth SNS Asset Management
Governance Institute of Australia Telstra Corporation Limited
GRT Lawyers The Executive Remuneration Reporter
Herbert Smith Freehills 3 Degrees Consulting
Institutional Shareholder Services

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.

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.

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.

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.

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.

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.

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.

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.

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:

  • Guidance Note 8: Continuous Disclosure: Listing Rules 3.1 – 3.1B (in clean and mark-up format);
  • Continuous Disclosure: An Abridged Guide (in clean and mark-up format); and
  • ASX’s package of disclosure-related amendments to the ASX Listing Rules (in clean and mark-up format).

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.

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.


Date Description

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.

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.

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.

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:

  • The ASIC consultation paper CP186 Clearing and settlement facilities: International principles and cross-border policy (update to RG 211). The ASX submission argues that any decision on a licence application from an overseas or domestic clearing house for cash equities listed on ASX should include a full assessment of whether the public interest is served, including a cost-benefit analysis. ASX also reaffirmed views expressed in earlier submissions that it does not agree that a graduated approach is an appropriate way of imposing regulatory standards on foreign clearing and settlement facilities servicing important Australian markets. Such an approach is both inconsistent with a public interest test and practically difficult to implement
  • The RBA consultation paper Consultation on New Financial Stability Standards. The ASX submission supports the objectives of the revised RBA Financial Stability Standards in recognition of the important role clearing and settlement facilities play in maintaining systemic stability in Australia. The submission also provides ASX’s initial views on the detailed revisions to ensure that they reflect the characteristics of the Australian market and that they are in line with emerging overseas standards

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.

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.

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:

ACSI
ASA
ACSA
Boardroom
Ownership Matters
AFMA
ISS Governance Services

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.

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.

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).

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.

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.


Date Description

11/11/11

 

As mentioned in Listed Entities Update 07/11, 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.

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.

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.

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.

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.


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.
26/03/10 ASX released a submission (PDF 142KB) to ASIC Consultation Paper 131 Proposed ASIC Market Integrity Rules: ASX and SFE Markets
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.

Date Description
22/12/09 ASX provided the attached submission (PDF 168KB) to Treasury. The submission responds to Treasury's Exposure Draft and Consultation Paper "Reforms to the supervision of Australia's financial markets".
04/12/09 ASX has released a market consultation document outlining proposed amendments to ASX Listing Rules relating to company policies about dealings in the company's securities by their directors and senior executives.
19/11/09 ASX provided the attached submission (PDF 92KB) to ASIC. The submission responds to ASIC's Consultation Paper 120 Operators of Clearing and Settlement Facilities.
09/11/09 ASX provided the attached submission (PDF 107KB) to the Productivity Commission in response to its Discussion Draft on Executive Remuneration in Australia.
09/11/09 ASX Corporate Governance Council provided the attached submission to the Productivity Commission (PDF 327KB) in response to its Discussion Draft on Executive Remuneration in Australia.
19/10/09 ASX provided the attached submission to ASIC (PDF 102KB). The submission recommends a broader re-think of ASIC's approach to market licence exemptions and Regulatory Guide 172.
29/05/09 ASX Corporate Governance Council provided the attached submission to the Productivity Commission (PDF 70KB) in response to its issues paper on the Regulation of Director and Executive Remuneration in Australia.