The corporate regulator has released a report that concludes the ASX has met its statutory obligations for listing standards.
In a report titled Assessment of ASX Limited’s listing standards for equities, ASIC explained the importance of strong, fit-for-purpose listing requirements, given such listings are “critical to the integrity of the Australian equities market”.
ASIC noted that the ASX had only 200 fewer listings than the New York Stock Exchange, and that “around a third” of all adult Australians own shares, making listing standards “particularly important”.
ASIC commissioner Cathie Armour said the ASX had a “key role to play” in the Australian market since it encompasses a “vast majority” of Australian listed entities.
“Effective listing standards support the Australian equity market to fund growth and innovation which, in turn, promotes the wealth and prosperity of all Australians,” she said.
The report identified a number of “on-going developments” in the global economy which require a “forward-looking and proactive” approach.
These include globalisation, changing business cycles, competitive pressure on listing standards and new, disruptive technologies.
ASIC concluded that the ASX’s recent changes to listing standards “met its statutory obligations” and noted “a number of good practices” which could assist other Australian listing markets.
It was poised to be one of the biggest public offerings of the year, but for a second time Latitude Financial failed to list on the ASX this...
Bank of Queensland posted a 14 per cent fall in profits for the 2019 financial year as the fallout from the Hayne royal commission burdens s...
AMP’s recent changes to its wealth management business is around getting to a simpler business “led by client needs” and “not by sel...