Ann: ASX Update on status of ASX Directions, page-320

First 320 Last

Share
Profile

Follow
Scott th Ratbag

48,852 Posts.

652

24/07/20

14:49

Post #: 46057749
Share

Originally posted by gimpooo: ↑

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at times, the whole report can not be published as it may contain commercial in confidence or privileged information.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

Expand

Hi Gimp... I agree with 95% of your post... just one niggling error that you make... it was not ASIC that requested the Independent Expert but ASX... was this a typo? the rest of your post is accurate imo.

cheers Scott.

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Trump is President Again: What Does This Mean for Crypto?

PRS

Prospech finds dynamite heavy REE grades from historic core in Finland

PR1

Nanocap Pure Resources acquires Reedy Creek garnet project, WA

3DA

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels