ASX Compliance Update, September 2022: nominated contacts, compliance course & beware of third party scam emails
On 16 September 2022, the Australian Securities Exchange (ASX) released its latest compliance update. The update addresses the requirement for ASX Listed entities to appoint a specific ASX contact person and ensure that the nominated ASX contact has completed and passed the approved ASX Listing Rules Compliance Course (Compliance Course).
Separately, the update addresses reports of suspicious third-party correspondence regarding ISINs and updates the market announcement times for the daylight savings period in 2022/23.
Updating ASX online records – nominated ASX contacts
ASX Listed entities must appoint at least one nominated ASX contact, namely, a person responsible for communication with ASX concerning listing rule matters and assign that person the title of ‘Communication Person’ via the ASX Online platform.
ASX listed entities should note the following:
- An entity may assign a person multiple titles through ASX Online (e.g., a person may be assigned both the role of Company Secretary and the nominated ASX contact).
- ASX should be notified about any changes to nominated ASX contact(s), company director or senior management, as soon as possible. You can update your entity’s ASX Online records through the ASX Online portal. ASX must be notified immediately upon the appointment of a newly nominated ASX contact.
- If a person was previously appointed as an ASX listed entity’s nominated contact but is not currently listed as the nominated contact via ASX Online, the ASX listed entity must enter the start date on which it previously advised ASX thereof when adding the nominated contact’s details.
- Entities should email their listings adviser separately to confirm any changes made to their nominated ASX contact on ASX Online.
- A nominated ASX contact whose ‘start date’ was prior to 1 July 2022 is not required to complete the Compliance Course.
ASX Listing Rules Compliance Course
As of 1 October 2022, new nominated ASX contacts for ASX listed entities are required to pass the Compliance Course. Key details follow:
- Unless the new nominated ASX contact has already passed the Compliance Course on behalf of a different listed entity, they must complete and pass the Compliance Course prior to their appointment as nominated ASX contact or prior to the entity’s admission (or readmission as the case may be).
- ASX will closely monitor the compliance of each ASX listed entity with this new requirement and will contact the relevant nominated ASX contact if it identifies that the entity may be non-compliant.
- Nominated ASX contacts for entities appointed on or after 1 July 2022 and before 1 October 2022 must complete and pass the Compliance Course by 14 October 2022.
Beware scam emails about membership or maintenance of your entity’s ISIN
It has been reported by a number of ASX listed entities that they have received emails from third-party organisations regarding the membership or maintenance of International Securities Identification Numbers (ISINs).
ASX is the primary National Numbering Agency (NNA) for allocating in Australia and reports all Australian ISINs to the Association of National Numbering Agencies (ANNA) for official registration following global standards. ANNA and ASX have no dealings or affiliation with any third party offering commercial assistance with ISIN registration.
ASX listed entities should act with vigilance and caution if they receive an email from a third-party organisation concerning the payment of ISIN membership or maintenance fees.
Market announcements during daylight savings
At 2.00am AEST on Sunday 2 October 2022, daylight saving commenced in all states except Queensland, Western Australia and the Northern Territory.
Starting today, Monday 3 October 2022, ASX Market Announcements will stay open until 8.30 pm AEDT (5.30 pm AWST). After daylight savings has ended on Sunday 2 April 2023, ASX Market Announcements will revert to their usual 7.30pm AEST closing time.
What ASX listed companies must do
To be in compliance with ASX’s nominated ASX contact requirements, ASX Listed companies must:
- notify ASX of their nominated ASX contact (if they haven’t already done so);
- ensure that, if it’s nominated ASX contact was appointed on or after 1 July 2022 and before 1 October 2022, they complete and pass the Compliance Course by 14 October 2022; and
- from 1 October 2022, any new nominated ASX contact will need to pass the Compliance Course prior to their appointment or prior to the entity’s admission (or readmission), as applicable. However, if a nominated ASX contact has already passed the course on behalf of a different listed entity they are not required to pass it again.
A nominated ASX contact who was nominated prior to 1 July 2022 is not required to complete the Compliance Course.
If you have any questions about this article, please get in touch with an author or any member of our Corporate & Commercial team.
This information and the contents of this publication, current as at the date of publication, is general in nature to offer assistance to Cornwalls’ clients, prospective clients and stakeholders, and is for reference purposes only. It does not constitute legal or financial advice. If you are concerned about any topic covered, we recommend that you seek your own specific legal and financial advice before taking any action.