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Under Listing Rule 3.1, an entity
must disclose all information concerning it that it becomes aware of from any source and of any character, if a
reasonable person would expect the information to have a material effect on the price or value of its securities.


The requirement to disclose information “immediately”
Under Listing Rule 3.1, market sensitive information must be disclosed to ASX immediately upon the entity
becoming aware of the information, unless it falls within the carve-outs from disclosure in Listing Rule 3.1A (see
below).
The word “immediately” does not mean “instantaneously”, but rather “promptly and without delay”.
Doing something “promptly and without delay” means doing it as quickly as it can be done in the circumstances
(acting promptly) and not deferring, postponing or putting it off to a later time (acting without delay).
A period of time will necessarily pass between when an entity first becomes obliged to give information to ASX
under Listing Rule 3.1 and when it is able to give that information to ASX in the form of a market announcement.
This passing of time, of itself, does not mean that there has been a “delay” in the provision of the information to
ASX. Some announcements may be able to be prepared and given to ASX relatively quickly, while others may
take longer to complete. The question is each case is whether the entity is going about this process as quickly as
it can in the circumstances and not deferring, postponing or putting it off to a later time.
ASX recognises that how quickly an entity can give an announcement of particular information to ASX will be
dictated by the circumstances confronting it at the time. Relevant factors may include:
 where and when the information originated;
 the forewarning (if any) the entity had of the information;
ASX Listing Rules Continuous Disclosure: An Abridged Guide Page 6
 the amount and complexity of the information concerned;
 the need in some cases to verify the accuracy or bona fides of the information;
 the need for an announcement to be carefully drawn so that it is accurate, complete and not misleading;
 the need in some cases for an announcement to comply with specific legal or Listing Rule requirements,
such as the requirement for an announcement that relates to mining or oil and gas activities to comply with
Chapter 5 of the Listing Rules; and
 the need in some cases for an announcement to be approved by the entity’s board or disclosure
committee (see below).
ASX will take these factors into account in assessing whether an entity has complied with its obligation to disclose
information under Listing Rule 3.1 promptly and without delay.
ASX will also take into account the state of the market in assessing whether an entity has complied with the spirit,
intention and purpose of Listing Rule 3.1 and whether it ought to refer a possible breach of the rule to ASIC.