Is the ASX managing ISX as per ASX’s own Corporations Act obligations regarding its Conflict Handling Policy?, page-9

To help you get started. You don't want to make claims that can't be substatntiated, hence the tone...

At this time a financial technology stock, ISignThis(ASX:ISX), has been suspended by ASX for over nine weeks for purportedly pricevolatility reasons "after consultation with ASIC". There was a laterclarification that suspension was not at the direction of ASIC.

ISX is suing ASX in the Federal Court. ASIC are apparentlymaking enquiries of ISX about unstated matters. The issue here is notthe outcome of any court case it is the lead up and roles of ASX and ASIC whenissues arise and one regulatory party has commercial interests.

There are many ASX announcements in September and sinceOctober 2nd which are of concern and which should be considered part of thissubmission in that:
1. ASX may have misled the market as to the reasons for suspension of ISX.
2. ASX may have suspended a stock in respect of which they are in potentialcompetition or potential conflict of interest (Astraclear)
3. ASX may have used regulatory power, eg potential de-listing, as a lever toobtain commercial in confidence information without assuring ISX it wouldremain in confidence, when asked
4. ASX may have not applied the same implicit volatility criteria forsuspension to other companies.

It should be apparent to ASIC that there are groundsfor review of the role of ASX as a commercial entity which also has regulatorypowers in respect of actual or potential competitors, or of being able toexploit such powers to introduce or extend products or services which aretightly coupled to their CHESS monopoly (eg Astraclear)..

ASIC should verify that ASX Directors have full accessto all details of ASX Departments’ activities, and ask has there been anycommunication about ISX or any other financial technology stock, between thecompliance group and ASX Directors, and what was the nature and content ofthose communications. Refer to ASX Annual Report.

What is the minimum role that ASXshould have, given that it is a commercial enterprise, and what other enquiriesare outstanding in respect of ISX, for what reason. Are such enquiries animpediment directly or indirectly to financial technology stocks in Australia(for example for Financial Service licence or ADI)?

ASIC should ask ACCC do they have any concerns aboutthe potential for ASX to obtain monopolistic influence through new, orextensions to any existing, products or services, whether independent of or inconjunction with regulatory powers.

ASIC should acquaint themselves with ISX holdings or applicationsfor licences and ADI which may have been impacted by ASX actions and consultwith ISX and ASX and ACC with a view to ensuring there are no continuing delays.

My suggestion to ASIC is that allASX roles regarding suspension apart from listing or volatility be transferredto ASIC for their decision, and that those suspension decisions should bereviewed by ASIC who will make the final decision on when or whether to liftthe suspension.

ASIC should charge ASX for those services which ASX mayrecover as fees.