In 2012 ASX adopted a Customer Charter that sets out how it balances the interests of its customers, shareholders and the broader financial markets.
We want our customers to succeed, grow and be profitable. The Customer Charter does not mean that we’ll always agree with our customers; we may adopt different positions when it comes to the best way to secure the future of Australia’s financial markets. But it is because differences may arise that we need to engage more, not less.
The ASX Customer Charter makes the following commitments. That ASX:
- Workswith its customers to deliver products and services that meet their needs and that provide them with choice;
- SupportsAustralia’s aspiration to be globally competitive and become one of the leading financial centres in the Asia Pacific region;
- Makesits products and services available on a non-discriminatory basis and on reasonable commercial terms;
- Managesits businesses and operations on a commercial basis to benefit its customers and provide appropriate returns to ASX shareholders;
- Recognisesits role as a provider of critical financial infrastructure to the Australian financial markets, and makes the necessary investments to ensure it can fulfil this role and provide confidence to market participants, investors and regulators;
- Runsits operations in compliance with all legal and regulatory obligations; and
- Hasconflict handling arrangements in place that provide assurance and transparency about the way ASX conducts its business.
https://www2.asx.com.au/aboutIt seems the Customer Charter is suitably ill-defined in order to prevent such claims against the ASX. Necessarily the ASX must first protect
the interests of the company (priority 1) and its shareholders (priority 2).
Long-suffering shareholders will enjoy a small win from December onwards under changes the ASX is making to its listing rules to “enhance market quality”.The ASX released a statement on Thursday outlining its response to community consultation on the integrity and efficiency of the ASX listing rules.
The bourse has been cracking down on companies with loose interpretations of the rules over the past year — its general manager media and comms Matthew Gibbs told * in Aprillower number of price and disclosure queries by the ASX reflected higher levels of compliance with ASX rulesand guidance by listed entities.
https://unauthorised investment advice/news/shareholders-to-benefit-from-sweeping-changes-to-asx-listing-rules/ 10/10/2019 - what in interesting date for such an announcement ;-)
As I've posted several times, there is no point even considering a Class Action until the ISX action against ASX has received judgement. If the Federal Court finds against ASX it may be worth discussion as the judgement may include malpractice by ASX and this may provide a suitable case on which to base a CA.
Given the terms above though, as you rightly point out
@ChillingOut, any claim against ASX may prove exceedingly difficult due to the vagaries of the Charter. I don't know corporate or any other law so my opinion cannot be considered valid.... yet my op is that we would have Buckley's chance of presenting a water-tight case and your op seems to strongly support my poorly informed opinion.
But CO.... is there a precedent of a CA being brought against ASX? imo such would be the best guide to the possibility of success.
If no CA has been brought previously then this would ensure the difficulty of success would be exponentially increased.
