According to the ASX, ISX had already been found to have broken a bunch of listing rules. So it has already happened and everything is explained in the SOR. The ASX is also waiting for the conclusion of ASIC's investigation. So it is very likely that ISX would never trade again until eventual delisting in around 1 year and 3 months time (or less). The directives are merely small steps into the "possibility" of reinstatement IMO but was never a guarantee. People should read the SOR carefully. My guess is that the ASX has already know what is what and so is ASIC. As far as I am concern based on the SOR the hole had already been dug. It is also important to note that any breaches that were found pertain only to the relevant period in 2018. The question is would there be more to be found if the ASX and ASIC investigate further? The way I understand it, the only reason ISX hasn't been delisted yet is because of the pending court case. Once ISX lost that delisting would be certain.
