Here's the first two paragraphs of the "official" ASX response to the BIG articles in the AFR March 7 2018.
It's pathetic, nothing to see here, just one or two bad eggs...yeah right.
This is the very highly paid white collar regulators trying to throw water on the fire, but shareholders in some ASX companies (quite a lot actually) have a completely different experience. This must change....
ASX: Reporting on GetSwift and Big Un is important, but perspective is needed
Big Un Limited has been suspended from trading on the Australian Stock Exchange as the corporate regulator looks into its finances. AAP by Dominic Stevens
The financial media play an important role scrutinising the activities of companies and holding boards and management to account. Their investigations help inform investors and promote market integrity.
This is demonstrated by the recent high-profile coverage in The Australian Financial Review of two companies from the technology sector: Big Un and GetSwift.
ASX welcomes these reports. Our surveillance activities are greatly assisted by media coverage, together with other valuable sources such as insiders, investors, intermediaries and ASIC. The more eyes the better. Regardless of the source, when potential breaches of our rules are identified, we investigate. The supervisory action ASX has taken with the companies currently making news is extensive and on the public record.
Perspective is important too. The issues of a few companies should not define the reputation of an entire market sector. Investor confidence is harmed if we conflate specific or individual matters into something systemic or widespread. The ASX tech sector is a success story that is benefiting issuers and investors.
What complete and utter BS ..the ASX needs to be held accountable.
