Completely agree with you here, well said. However, ASX would more so be the enabler that RRP exploits to achieve a delisting.. not ASIC.
Here is some light reading for all :
Corrective action
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If ASX finds that a listed entity has breached the Listing Rules, ASX can require the entity to take corrective action.15The type of corrective action ASX will usually require to remedy a breach will depend on the nature of the breach. For example, if it is a disclosure breach, ASX may require the entity to make a corrective announcement to the market. If it is a failure to obtain security holder approval for acquiring a substantial asset from, or disposing of a substantial asset to, a person in a position of influence, ASX may require the entity to cancel the transaction unless security holder approval is obtained.16 If it is a failure to obtain security holder approval to an issue of securities to a person in a position of influence, ASX may require the securities to be disposed of.17 It should be noted that the Listing Rules are not law, as such, and ASX cannot fine or impose any other criminal or civil penalties on a listed entity for breaching the Listing Rules. If a listed entity refuses to comply with its obligations under the Listing Rules, ASX’s ultimate sanction is to suspend trading in its securities18 or, in an extreme case, to terminate its listing.19 This is not a sanction that ASX exercises lightly, since it can have a significant impact on investors, by taking away their ability to buy or sell securities in the entity on the ASX market. Usually the threat of suspension or termination will be enough to get a listed entity to co-operate with ASX. However, if a listed entity refuses to co-operate, aside from suspension or termination, ASX’s only remedy will be to take legal action against the entity to obtain a court order requiring it to comply with its obligations under the Listing Rules.
Referrals to ASIC
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If ASX suspects that a listed entity has committed a significant contravention of the Listing Rules, or that a listed entity or other person (such as a director, secretary or other officer of a listed entity) has committed a significant contravention of the Corporations Act, it is required under that Act20 to give a notice to the Australian Securities and Investments Commission (ASIC) with details of the contravention. The purpose of the notice is so that ASIC can then consider whether it wishes to take criminal or other regulatory action in relation to the breach.
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