Public Consultations

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.

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.

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:

• Guidance Note 1 Applying for Admission – ASX Listings
• Guidance Note 4 Foreign Entities listing on ASX
• Guidance Note 12 Significant Changes to Activities
• the pro forma statutory declaration required by directors of applicants for listing

If you wish to provide comments, please do so by 16 December 2011 to the following email address: kelly.boschenok@asx.com.au.

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.

On 23 September 2011, ASX provided a submission to Treasury's Proposed financial market supervision cost recovery model Consultation Paper, released August 2011.

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.

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.

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.

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.

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.

On 21 January 2011, ASX made a submission (PDF 436KB) in response to ASIC Consultation Paper 145 Australian Equity Market Structure: Proposals.

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.

ASX released a consultation paper -The ASX Equity Exchange Traded Options Market (PDF 460KB) - that seeks to gather market views on two matters germane to improved market making in ETOs: The ASX Settlement methodology in the event of takeovers - sometimes called “Fair Value” Settlement methodology; and the number of shares per standard contract.

02/10/08 

As foreshadowed in the ASX Consultation Paper (PDF 91KB), on Friday 11 April ASX released an Issues Paper (PDF 90KB) to consult with ACH Clearing Participants on the "Impact of Multiple Trade Execution Platforms for ASX Listed Securities on ACH Clearing Participant Operations and Systems". ASX invites feedback by Monday 5 May 2008.