Ann: ASIC v ISIGNTHIS LTD & ANOR, page-72

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bgtaylo

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17/03/21

20:50

Post #: 51846758
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Originally posted by snackattack: ↑

Hi @LongNWrong , my apologies I did not listen to the court but i did skim a copy of the transcript (available to public) on the escrow issue

Barrister for ISX, Mr Mereine said:

So, it is ISX's legal position in court that they did provide compliance with the escrow sought by ASX

I do understand your point that if one were to rely on the ASX released communications on the Market Announcement Platform, one would certainly believe that ISX provided a variation to the standard escrow provision

However, if one also relied on ASX releases with respect to ISX, then they would believe that Visa believed ISX to be a systemic risk to a card scheme, and if that were truly the case, it would be unlikely that after a focused audit, it would be unlikely that another card scheme would continue their relationship with ISX, much less extend the licence to a new geography (UK) and new product lines (issuing, remittance)

Accordingly, I believe sufficient evidence exits that something released by ASX should not simply be relied upon because "they are market operator". There are simply too many red flags everywhere to know that something unusual has happened or is happening

Expand

Maybe it is ASX that needs its disclosures audited in relation to ISX?
If ASX is found to have misled the market with its MAP announcements . Would ASIC likely take legal action against them?

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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Ann: ASIC v ISIGNTHIS LTD & ANOR, page-72

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