ASIC looks to clean up NSX listings

ASIC looks to clean up NSX listings

The National Stock Exchange has agreed to make a number of changes to its listing standards following the conclusion of an ASIC review.


The corporate regulator has released its assessment report on the listing standards of the National Stock Exchange of Australia, with the NSX agreeing to take a number of actions.

The NSX has agreed to ensure people who can influence the NSX are "of good repute, are sufficiently knowledgeable and will act in the best interests of the NSX market as well as the wider Australian market".

ASIC said stock exchange has agreed it will "attract issuers with legitimate motives and connection to Australia and ensures listings occur under Australian-regulated disclosure documents" and operate a market that "operates with integrity and its users are informed".

The news comes after ASIC accepted an enforceable undertaking from an NSX-listed stockbroker in July 2017 for accepting questionable trades relating to companies registered in Samoa and the British Virgin Islands.

ASIC commissioner Cathie Armour said, "Listing standards are critical to the integrity of the Australian equities market, and the trust and confidence investors have in it.

"As one of only a small number of domestic listing markets, NSX has an important role to play in upholding standards expected of listing markets in Australia."

 

ASIC looks to clean up NSX listings
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