To facilitate, monitor and assess compliance. They don't...

To facilitate, monitor and assess compliance. They don't determine the content, which is why they send 'please explains' all the time if it appears companies are not doing the right thing. The ASX just publish these. I've similarly seen companies put the wrong dates in, or wrong amounts, which could also be picked up in review (as it's apparent to readers). If the ASX were reviewing these, they could also correct these - but it's not their job.

In terms of individual company communications, Companies are the ones responsible for complying with the regs, not the ASX.

Think of it another way, if a company is issuing MSAs every second day about not much at all, the ASX will step in and have a word with them. If the ASX instead are the ones making the decisions, then suddenly the company is no longer responsible, so can no longer be blamed. And in which case who then monitors the ASX?