SP1 0.00% $1.07 southern cross payments ltd

Ann: ASX Update on status of ASX Directions, page-314

ANNOUNCEMENT SPONSORED BY PLUS500
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM
CFD Service. Your Capital is at risk
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
  1. 2,243 Posts.
    lightbulb Created with Sketch. 4424
    Having being involved and cited independent expert reports produced at ASICs request. Have never seen them ask for an alteration to the report- only follow up questions and directions. This compromises the independence of the report.

    at times, the whole report can not be published as it may contain commercial in confidence or privileged information.

    If the report is to is to be published, it may need to have redactions.

    ASIC is a regulator, and it is difficult in many cases to ascertain enough information of potential breaches, let alone take things to trial. Their regulations (reg guides) can actually not be further correct extensions or interpretations of the law. This has been demonstrated in recent court cases found in favour against them.

    Given ASX role and responsibility, it is also apparent that they have not adequately disclosed any conflicts of interest in their announcements and how they have adequate controls in place to manage those conflicts. Apart from the obvious corporate conflicts, individuals who may also have a conflict (if they have been rewarded with ASX stock, or other performance benefits, based on ASX performance through their employment LTI or STI) as they are key decision makers in what could be considered corporate espionage.

    What is equally concerning is the language used in the notices which are subjective and opinionated expressions, and consequently asking for information which could be classified as commercial in confidence. A significant concern if there is a conflict, that has not been managed properly.

    This will make for an interesting case study, and there may be perceived similarities between a certain Bellamy’s director and her non disclosed holdings and offshore accounts. This may be the source of how this all started. The ASX dropped the ball on this and ASIC has to clean up the mess.

    Lastly, the intent may have been to get comfort that there was no insider trading, misleading / deceptive statements, etc in order to protect the integrity of the market and shareholders- however the ASX has managed to restrict access to capital and probably destroy shareholder value through immaterial and or unsubstantiated claims- which is both sad and irresponsible.

    TheGimp
    Where have you been! Great post! Has triple (quadruple? immeasurable!) the value of any of my posts as a shareholder. Thanks.
    Last edited by itzgr82balive: 24/07/20
 
watchlist Created with Sketch. Add SP1 (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.