"but HotC posters burned his ranch and stole his cattle" that was funny!
I don't think its unfair to say that any activity undertaken by said company must be covered by conditions stipulated in legislation and/or the terms of their license. That's to say, they can't perform an activity as the regulated company that is outside this boundary, otherwise it would be deemed non compliant to approved operations.
However, that raises the question about specific activity such as bespoke reports which are written using the same infrastructure, resources and skill sets that are used to carry out their principal proxy advice activity. There's a leverage-able grey area here.
Generally speaking, I'd expect (not a legal expert so its an considered opinion only) if an activity undertaken such as a bespoke report is not explicitly accounted for in said corps act / legislation or in principle agreement with ASIC, then the spirit of the legislation would be considered by a court, if ever ISX management deemed it beneficial to pursue.
Not every possible activity that may occur in the future, that is akin to their normal course of business operations, can be anticipated or accounted for in legislation. However, the principles enshrined within the legislation become the focal point for argument for and against and ultimately judgement.
All of the above aside, its what lay ahead that is most important as verified by the Q4 2021 update. What occurred in the past is of far less importance to the successful operation of the business and can be dealt with if and as needed if the activity is in the best interest of shareholders.
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
