https://themarketherald.com.au/frydenberg-moves-to-permanently-ease-asx-disclosure-laws-2021-02-18/
- Continuous disclosure laws for Australia's listed companies will be permanently relaxed as the federal government advances its crusade against class action lawsuits
- Previously, lawsuits only needed to prove companies had failed to disclose information, regardless of intent
- Now, however, they can only be held accountable if they acted with "knowledge, recklessness or negligence" during updates on market-sensitive information
- The ability to hold annual general meetings online will also be extended for another six months
- The laws align more closely with disclosure laws in the United States and United Kingdom, after the Howard government tightened them in 2005 and 2006
"These changes strike the right balance between ensuring shareholders and the market are appropriately informed while also allowing companies to more confidently make forecasts of future earnings or provide guidance updates without facing the undue risk of class actions," said Frydenberg.
Perfect for a pump season for all pennies, and with margin/leverage being adjuseted for retail traders more cash will flow into specs i reckon, might even entice the big fish into the market too with frydenburgs support for buying before huge pumps
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