AR9 (ASX) Ann: AR9 Achieves Sale of NC Protect to US Department of Defense

Originally posted by Tumby: ↑

In Australia, the responsibility for determining whether an announcement published on the Australian Securities Exchange (ASX) is market-sensitive or price-sensitive lies primarily with the listed company making the announcement. Here’s a breakdown of the process:
Listed Company’s Responsibility:
Under the ASX Listing Rules (particularly Listing Rule 3.1), a listed company must immediately disclose any information that a reasonable person would expect to have a material effect on the price or value of its securities. This is known as continuous disclosure.
The company’s board of directors, company secretary, or senior management (often with the assistance of legal or compliance teams) assesses whether the information is market-sensitive. They evaluate whether the announcement could influence investors’ decisions or significantly impact the company’s share price.
ASX’s Role:
The ASX does not proactively decide whether an announcement is market-sensitive. However, it provides guidance through its Listing Rules and Guidance Note 8 on continuous disclosure obligations.
The ASX monitors announcements and market activity. If it suspects a company has failed to disclose market-sensitive information or if an announcement appears unclear, it may query the company or request further disclosure.
The ASX can also apply a "price-sensitive" flag to announcements in its system to indicate that the information is likely to affect the market, but this is based on the content provided by the company and not an independent assessment by the ASX.
Australian Securities and Investments Commission (ASIC):
ASIC oversees compliance with continuous disclosure obligations under the Corporations Act 2001. While ASIC does not directly decide whether an announcement is market-sensitive, it can investigate and take enforcement action if a company fails to disclose price-sensitive information appropriately.
Practical Process:
Companies typically have internal disclosure committees or policies to evaluate information. They consider factors such as:
Whether the information would likely influence investors’ decisions.
The potential impact on share price (e.g., earnings guidance, major contracts, mergers, or regulatory changes).
Whether the information is already public or falls under an exception (e.g., incomplete negotiations under Listing Rule 3.1A).
If unsure, companies may consult legal advisors or the ASX for guidance before releasing an announcement.
In summary, the listed company has the primary responsibility for deciding whether an announcement is market- or price-sensitive, guided by ASX Listing Rules and overseen by the ASX and ASIC.

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I recall on occasion in the past that AR9 marked announcements as price sensitive and the announcements were knocked back by the ASX , this caused market news to be held up if anyone can remember.

I also tentatively recall that the announcement had to have a material value of $750,000 to be considered as possibly price sensitive.
If the company still has this correspondence then it is clear to me as to what as transpired.

Expand

That's odd: when I quoted the same ASX rules in response to you banging on about the ASX being the entity responsible for marking the ArchTIS announcement as market sensitive, you responded with this:

'This statement I know is not true, there has been many communications with various company directors that have told me that the asx can vet an announcement and have the announcement put on hold or rewritten, there are classification for market sensitive and non sensitive information and in my opinion and depending on the person involved some items of news are again in my humble personal opinion dicked with.'

No.	Vol.	Price($)
1	100000	19.0¢

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100000

19.0¢

Price($)	Vol.	No.
19.5¢	100000	1

Price($)

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19.5¢

100000

No.	Vol.	Price($)
1	100000	0.190
4	50800	0.185
4	450536	0.180
3	100000	0.175
5	320000	0.170

No.

Vol.

Price($)

100000

0.190

50800

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450536

0.180

100000

0.175

320000

0.170

Price($)	Vol.	No.
0.195	100000	1
0.200	153422	3
0.205	20000	1
0.210	33325	1
0.215	30000	2

Price($)

Vol.

No.

0.195

100000

0.200

153422

0.205

20000

0.210

33325

0.215

30000

(20min delay)
Last 19.5¢		Change -0.010(4.88%)		Mkt cap ! $66.15M

Open	High	Low	Value	Volume
21.5¢	23.0¢	19.0¢	$570.8K	2.737M

Ann: AR9 Achieves Sale of NC Protect to US Department of Defense, page-195

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Ann: AR9 Achieves Sale of NC Protect to US Department of Defense, page-195

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