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Companies Update
6 September 2007
Update no 09/07

Important information for ASX Listed Entities

International Listings
ASX has reviewed its approach to waiver applications made by foreign companies with a primary listing on another exchange ("foreign companies") seeking relief from certain obligations under the ASX Listing Rules.

Such waivers have been granted sparingly. Whilst this is unlikely to change significantly, some limited circumstances have been identified where applications that may have been denied in the past would now be likely to succeed. 

Where the company is also listed on one of the world's other major exchanges and ASX is satisfied that differences between the two sets of listing rules in relation to a particular obligation are merely "around the edges" rather than differences as to the substance of the obligation, then ASX may recognise compliance with the obligation created by the listing rules in the place of primary listing as constituting full compliance with the ASX requirements.

ASX does not propose to devise inflexible rules as to which exchanges are sufficiently "major" to warrant this form of recognition or which aspects of which rules will be regarded as being sufficiently ancillary to warrant this treatment.

Instead, ASX will be guided by considerations such as:

  • will the inconvenience to the listed company, in satisfying two sets of requirements which are assessed as not being significantly different, outweigh any detriment to users of the ASX market from non-application of ASX requirements; and 
  • will the outcome be consistent with the underlying purpose of the relevant rule and with the principles that are taken into account in applying the rules generally.

Guidance Note 4 to the ASX Listing Rules will be amended to reflect the greater preparedness to issue waivers to foreign entities involving substituted compliance.

To help keep our Listed Entities informed of information and events ASX will be sending emails to the Company Secretary's Office from time to time. You are receiving this email because you have been identified as a key contact within the Company Secretary's Office at your organisation. If you would like to update your email address please do so via the Directors/Senior Management page on ASX Online for Companies. Feel free to forward this email to any relevant parties within your organisation.