in the first instance ASX decide - you know that alreadyYes, ASX administers the rules and enforces compliance. However, ASX's opinion can be overruled by the courts. Just because ASX thinks an entity has been complying doesn't mean the entity has been complying. And just because ASX thinks another entity hasn't been complying doesn't mean that.
@naomhan is in no position to state Westpac has been complying just because ASX did nothing, particularly when Westpac is being sued because of it. What investigation has ASX done about it to date? Nothing. But in ISX's case, it's been a 2-year investigation.
if something were to be identified that Westpac (or any large ASX-50 company for that matter) had not disclosed to the market, then all parties (both the ASX and the listed party) would take quick action to ensure the disclosure is made so that shares could resume trading asapWhy just Westpac or any large ASX-50 company for that matter? Why can't it be any listed company? That's why ISX is in court.
What has ASX done to ensure ISX's shares can resume trading ASAP? Nothing. And ISX wasn't exactly a small unimportant company; it had a valuation of $1B plus and was on the ASX-300 index. ASX instead has done all it can to ensure trading cannot resume.
Westpac, and companies of that size, have significant company secretary teams and enough processes and procedures in place to deal with such a situationSo smaller entities (like ISX) haven't enough staff to disclose matters to the market, or lack disclosure policies and processes? I don't see the point of this statement.
that's the big difference to ISX. in ASX's opinion, there are still matters that ISX has not disclosed to the market - so it's shares remain suspended. for Westpac, and any of the other "corporate scandals" commonly referred to here, ASX is obviously satisfied that they have been adequately disclosed to the market. it's that simple.So what has ISX not disclosed to the market that is of critical importance and forms the basis of the ongoing suspension?
Note: I mean information that's actually of value to the market (not just ASX requesting info of questionable value under a broad listing rule that says it can ask for whatever information it wishes). If you're talking about Visa terminating the relationship due to AML concerns, the market knows and understands it's a commercial matter; Visa is NOT an AML auditor or regulator; the market is not stupid. Why is ISX still suspended?
