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Recent rule amendments

There are regular updates to the operating rules of the ASX markets and clearing and settlement facilities. The information set out below provides details about recent changes to those rules.

The Rulebooks are also available to view online:

Recent ASX Listing Rules amendments

Effective date Amendment Notice/update
01/07/21 Guidance Note 15a for FY22  
05/06/21

On 5 June 2021, ASX amended its Listing Rules to incorporate changes relating to (among other things) its online forms, notification of security issues and corporate action timetables. It also published updated versions of the following Guidance Notes reflecting the rule changes: 

  •  Guidance Note 8 - Continuous Disclosure: Listing Rules 3.1 – 3.1B 
  •  Guidance Note 14 - ASX Market Announcements Platform 
  •  Guidance Note 20 - ASX Online
  •  Guidance Note 30 - Notifying Changes in Issued Securities and Applying for Quotation of New or Additional Securities.

Compliance Update 04/21

(sections 1 – 3)

12/03/21

On 12 March 2021, ASX released an updated version of Guidance Note 19 Performance Securities (“GN 19”). A mark-up identifying the changes to GN 19 is available here. The changes include:

  • the removal of existing section 7 (performance securities covered by sections 8 to 15 of this Guidance Note);
  • the addition of a new section 7 explaining how ASX applies GN 19 to agreements to issue or transfer ordinary shares in the future if a nominated performance milestone is met and the issues those agreements can raise under Listing Rules 7.1 and 7.3.4;
  • the introduction of a new defined term “arm’s length control transaction securities” in section 8 to describe performance securities issued by a listed entity pursuant to a takeover bid under Chapter 6, or a merger by way of scheme of arrangement under Part 5.1, of the Corporations Act that meet certain conditions, including that the terms attaching to the performance securities (including the performance milestone) conform to sections 9, 10 and 11 of GN 19;
  • an amendment to the definition of “ordinary course of business remuneration securities” (now in section 8) to include a requirement that the terms attaching to the performance securities (including the performance milestone) conform to sections 9, 10 and 11 of GN 19;
  • the introduction in section 8 of a new concept of “ordinary course of business acquisition securities”, being performance securities issued by a listed entity under an agreement to acquire an undertaking, where:
    • the agreement has not been entered into in connection with a re-compliance listing;
    • the issue is the, or part of the, consideration for the acquisition of the undertaking; and
    • the terms attaching to the performance securities (including the performance milestone) conform to sections 9, 10 and 11 of GN 19 and have been approved by the board or a committee of the board;
  • the addition of clear statements at the beginning of each of sections 8 (Applying for in-principle advice about performance securities), 12 (ASX’s requirement for security holder approval) and 13 (ASX’s requirement for an independent expert’s report in some cases) stating that they do not apply to arm’s length control transaction securities, ordinary course of business remuneration securities or ordinary course of business acquisition securities; and
  • a number of other drafting improvements intended to make the guidance clearer and easier to follow.
 
09/12/20

ASX released updates to ASX Listing Rules Guidance Notes 5 Chess Depositary Interests and 8 Continuous Disclosure: Listing Rules 3.1 – 3.1B on 9 December 2020. They are available on the ASX website at:

Guidance Notice 5
Guidance Notice 8

The change to Guidance Note 5 is relatively minor – an amended footnote addressing the use of the CHESS settlement facility by entities formed in Israel, noting the need for those entities to have a provision in their constitution that securities holders are not entitled to a certificate for their securities.

The changes to Guidance Note 8 are more significant and include substantial enhancements to the materials on earnings guidance and earnings surprises in sections 7.1 to 7.3 of, and worked examples F and G in Annexure A to, that Guidance Note. This includes important new guidance that:

“Where an entity does not have published earnings guidance on foot for the current reporting period and it is covered by sell-side analysts, ASX would recommend that the entity carefully consider notifying the market of a potential earnings surprise if and when it expects there to be a 15% or greater difference between its actual or projected earnings for the period and its best estimate of the market’s expectations for its earnings (applying the guidance under the question 2 above ‘How does an entity translate sell-side analyst forecasts into an estimate of the market’s expectations for its earnings?’).”

ASX has also taken the opportunity to make some minor editorial changes to Guidance Note 8, including noting the recent and important decision in ASIC v Big Star Energy Limited (No 3) [2020] FCA 1442 (see footnote 111). In that case, the Federal Court held that a listed entity breached Listing Rule 3.1 and section 674(2) of the Corporations Act by announcing the sale of a significant asset without disclosing: (a) the identity of the purchaser; (b) that the entity had done no due diligence to verify the capacity of the purchaser to complete the purchase; and (c) that the entity had in fact been informed by the purchaser that it had not yet received all funding approvals required to complete the purchase. The transaction ultimately failed to complete. The court specifically rejected an argument by the entity that because the purchase was for a cash consideration, the identity of the purchaser was not material.

Mark-ups of the changes to the Guidance Notes 5 and 8 are available at:

Guidance Notice 5 - mark-ups
Guidance Notice 8 - mark-ups

no notice
09/09/20 “FOR” Financial Products: PointsBet Holdings Limited – Procedures: Schedule 1 ASX 1085.20.09
28/08/20 Updates to Guidance Notes 3 Co-operatives and Mutuals Listing on ASX, 4 Foreign Entities Listing on ASX, 12 Significant Changes to Activities and 19 Performance Securities.

Compliance update 09/20

(item 3) 

28/02/20 Update to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 – 3.1B

Compliance Update 02/20

(item 1)

01/01/20

Updates to:

  • Guidance Note 9 Disclosure of Corporate Governance Practices - to reflect the coming into effect of the fourth edition of the Corporate Governance Principles and Recommendations 
  • Guidance Note 35 Security Holder Resolutions - to correct the summary of listing rule 3.13.2 in section 13 of the Guidance Note 
no notice
01/01/20 Listing fees: Guidance Note 15A no notice
01/12/19 Simplifying, clarifying and enhancing the integrity and efficiency of the ASX listing rules

Compliance Update 09/19 &

 Compliance Update 11/19

23/08/19 Updates to reflect the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019: GNs 8 & 27 Compliance Update 07/19
(item 5)
01/07/19

Listing fees: Guidance Note 15A:

  • schedules of Annual Listing Fees and Fees for Quotation of Additional Securities have been updated, effective 1 July 2019
  • definition of “Simple Corporate Bond” in footnote 5 has been updated to refer directly to the Corporations Act rather than the amending Act.
no notice
15/04/19 Guidance Note update: GN 33 Compliance Update 04/19
(item 2)
01/01/19 Listing fees: Guidance Note 15A no notice
06/08/18 Guidance Note updates to reflect amendments to price sensitivity and cross release indication of announcements lodged on ASX Online: GNs 8, 14 & 16 Compliance Update 06/18
(item 1)
01/07/18 Listing fees: Guidance Note 15A no notice

Recent ASX Operating Rules amendments

Effective date Amendment Notice/update
7 May 2021 Amendment: Introduction of 8 new ETO Class and associated ETO Special Size rule amendment ASX Notice 0555.21.04
09/12/20 On 9 December 2020, ASX released an update to ASX Operating Rule Guidance Note 12 Warrant and Aqua Product Liquidity Requirements to reflect the changes made earlier in the year to ASIC’s guidance in ASIC Information Sheet IS 230.
Mark-up showing the amendments
no notice
03/12/2­0 Temporary Exemption to Special Crossing of Exchange Traded Options for 15-17 December 2020 ASX Notice: 1606.20.12

20/09/19

Guidance Note 16 Removal of AQUA Products from Trading Status

ASX Notice  0985.19.09

05/08/19 Guidance Note amendments relating to business continuity and cyber resilience: GN 1 ASX Notice 0792.19.08
01/07/19 Schedule 10 (Warrants) and 10A (AQUA Products) Rule and Procedure amendments ASX Notice 0587.19.06
03/06/19 Updated international contact number for Participant Transitions: Guidance Note 1 no notice
25/03/19 Guidance Note update re removal of Registered Holder Collateral Cover Authorisation (RHCCA) Forms: Guidance Note 2 ASX Notice 1339.18.11
31/01/19 Replacement of ASX Compliance Monitor: Guidance Notes 1 & 8  

10/01/19

Replacement of ASX Compliance Monitor: Procedures 6901 & 6902 ASX Notice 1169.18.10
12/11/18 mFund Settlement Service – CHESS 10 release: Procedure 4655; Guidance Note 15 ASX Notice 1143.18.10
06/08/18 Operating Rule Procedure update – Warrant and Structured Product Order Purge: Procedure 4070; Appendix 4013 ASX Notice 0849.18.08
23/07/18 Miscellaneous amendments ASX Notice 0776.18.07

Recent ASX 24 Operating Rules amendments

Effective date Amendment Notice/update
7/06/21 4800 ASX Notice 0602.21.05
9/04/21 Amendment to Procedure 3200.8 and 4022 outlines the treatment of off tick order fills ASX Notice 0271.21.03
22/03/21 Australian Electricity Futures Contracts amended to reflect new 5 minute spot electricity settlement price from 1 October 2021. ASX Notice 0193.21.02
27/11/20  ASX 5 Year Treasury Bond Future Operating Rules ASX Notice 1402.20.11
18/08/20  S&P/ASX 200 Sector Index Futures - Change to Block Trading Procedures   ASX Notices 
07/08/20  ASX 24 Schedules - Australian Base Load Electricity Cap Futures Contract – Additional expiry and change of margining methodology.   ASX notice 0770.20.07
03/8/20  3 and 10 Year Bond Tick Increment Procedure update & Amendment to Expiry Settlement Time for cash settled 90 Day Bank Bill Futures Contract  ASX Notices
0878.20.08
0890.20.08
01/07/20 De-listing of Eastern Australia (EA) Canola Futures and Options Contracts ASX Notice 0467.20.05
03/12/19 ASX 24 product Block Trade thresholds ASX Notice 1199.19.11
24/10/19 Product Delisting for ASX24 Markets ASX Notice 1155.19.10

23/09/19

S&P/ASX 200 Gross Total Return (AT) Index Futures – Change to Block Trading Procedure 4820

ASX Notice

16/09/19

Quarterly update: Appendices 2.20.1, 2.21.1 & 2.36.1 – 3, 10 & 20 Year Bond Series; Appendices 2.27.1 & 2.28.1 – New Zealand Three & Ten Year Government Stock Futures ASX Notices
0925.19.09
0902.19.09
02/09/19 Pre-Trade Risk Management Software Use Update: Procedure 1700.1 ASX Notice 0894.19.08
05/08/19 Guidance Note amendments relating to business continuity and cyber resilience: GN 1 ASX Notice 0792.19.08
17/06/19 Quarterly update: Appendices 2.20.1, 2.21.1 & 2.36.1 – 3, 10 & 20 Year Bond Series; Appendices 2.27.1 & 2.28.1 – New Zealand Three & Ten Year Government Stock Futures

ASX Notices
0537.19.05
0564.19.06

03/06/19 S&P/ASX 200 Gross Total Return (AT) Index Futures: Schedule 2.41; Appendix 2.41; Procedures 2500.1, 3200.9-10, 4060, 4800 & 4820 ASX Notice 0543.19.05
03/06/19 Updated international contact number for Participant Transitions: Guidance Note 1 no notice
25/03/19 Delisting of S&P/ASX 200 VIX Futures (VI), NZ Natural Gas Calendar Month Futures (EX) and NZ Natural Gas Calendar Quarter Futures (EY) from the ASX 24 Trading Platform: Appendices 2.46, 2.69.4.1 & 2.69.4.2 ASX Notice 0234.19.03
15/03/19 Quarterly update: Appendices 2.20.1, 2.21.1 & 2.36.1 – 3, 10 & 20 Year Bond Series; Appendices 2.27.1 & 2.28.1 – New Zealand Three & Ten Year Government Stock Futures

ASX Notices
0143.19.02
0153.19.02

18/02/19 New Zealand Electricity Futures Contracts - Change to Block Trade Minimum Threshold ASX Notice 0040.19.01
31/01/19 Replacement of ASX Compliance Monitor: Guidance Notes 1 & 8  

10/01/19

Replacement of ASX Compliance Monitor: Procedures 6901 & 6902 ASX Notice 1169.18.10
28/12/18 Average Rate Options Over Australian and New Zealand Base Load Electricity Futures Contracts – change to the minimum number of expiries listed for trading: Appendices 2.66.1.1-4, 2.67.1.1-2 ASX Notice 1378.18.12
12/12/18 Quarterly update: Appendices 2.20.1, 2.21.1 & 2.36.1 – 3, 10 & 20 Year Bond Series; Appendices 2.27.1 & 2.28.1 – New Zealand Three & Ten Year Government Stock Futures ASX Notices
1377.18.12
1391.18.12
19/11/18 SPI Options – Introduction of Block Trades: Procedure 4820 ASX Notice
1185.18.10
14/09/18 Quarterly update: Appendices 2.20.1, 2.21.1 & 2.36.1 – 3, 10 & 20 Year Bond Series; Appendices 2.27.1 & 2.28.1 – New Zealand Three & Ten Year Government Stock Futures ASX Notices
1003.18.09
1015.18.09
13/08/18 20 Year Bond Future - new contract face value: Schedule 2.36A.1 ASX Notice 0864.18.08
23/07/18 Miscellaneous amendments ASX Notice 0776.18.07

Recent ASX Clear Operating Rules amendments

Effective date Amendment Notice/update
7 May 2021 Amendment: Introduction of 8 new ETO Class and associated ETO Special Size rule amendment ASX Notice 0555.21.04
23/11/20 Amendments to ASX Clear Operating Rules - National Stock Exchange of Australia Limited (NSX) commencement of Trade Acceptance Service in respect of their listed CHESS eligible Financial Products ASX Notice 1517.20.11
06/07/20 Default Management Enhancements to Operating Rules of ASX CS facility licensees. ASX notice 0716.20.07
28/02/20 Minor Amendments to ASX Clear Operating Rule Procedures – Form C3 (Transfer of Collateral between Participants) ASX Notice 0149.20.02
05/08/19 Guidance Note amendments relating to business continuity and cyber resilience: GNs 1 & 10 ASX Notice 0792.19.08
03/06/19 Updated international contact number for Participant Transitions: Guidance Note 1 no notice
25/03/19 Removal of Registered Holder Collateral Cover Authorisation (RHCCA) Forms: Guidance Notes 2 & 11  
01/03/19 Removal of Registered Holder Collateral Cover Authorisation (RHCCA) Forms: Rules 2.10 & 14.6; Procedure 14.6.3; Annexures 1 & 2 ASX Notice 1339.18.11
31/01/19 Replacement of ASX Compliance Monitor: Guidance Notes 1, 8 & 12  

10/01/19

Replacement of ASX Compliance Monitor: Procedures 1.7.2, 1.7.3 & 4.23.7 ASX Notice 1169.18.10
03/12/18 Minor Amendments: Rules 1.14.1 & 12.2.1 ASX Notice 1366.18.12
23/07/18 Miscellaneous amendments ASX Notice 0776.18.07

Recent ASX Settlement Operating Rules amendments

Effective date Amendment Notice/update
15/06/21 ASX Settlement Operating Rules Procedures Amendment - FOR TAGs ASX Notice: 0757.21.06 
01/06/21 “FOR” Financial Products: Keypath Education International Inc.– Procedures: Schedule 1 ASX Notice: 0696.21.06
29/03/21 “FOR” Financial Products: Computershare Limited – Procedures: Schedule 1 ASX Notice: 0378.21.03
23/12/20

“FOR” Financial Products: Omni Bridgeway Limited – Procedures: Schedule 1

ASX Notice 1756.20.12
25/11/20 “FOR” Financial Products: Pivotal Systems Corporation. – Procedures: Schedule 1 ASX Notice 1488.20.11
23/11/20 Amendments to ASX Settlement Operating Rules - National Stock Exchange of Australia Limited (NSX) commencement of Trade Acceptance Service in respect of their listed CHESS eligible Financial Products ASX Notice 1517.20.11
26/10/20 “FOR” Financial Products: Zebit, Inc. – Procedures: Schedule 1 ASX notice 1332.20.10
24/08/20  “FOR” Financial Products: Tabcorp Holdings Limited – Procedures: Schedule 1   ASX notice 0987.20.08
19/08/20  “FOR” Financial Products: Coronado Global Resources Inc. – Procedures: Schedule 1  ASX notice 0973.20.08
14/08/20 “FOR” Financial Products: Sydney Airport – Procedures: Schedule 1 ASX Notice 0948.20.08
06/07/20 Default Management Enhancements to Operating Rules of ASX CS facility licensees. ASX notice 0716.20.07
07/04/20 “FOR” Financial Products: Osprey Medical Inc – Procedures: Schedule 1 ASX Notice 0300.20.04
06/03/20 "FOR" Financial Products: Coronado Global Resources Inc - Procedures: Schedule 1 ASX Notice 0178.20.02
05/12/19 ASX Specialist Settlement Participants (Participant Bidders); Principal Registers and CDI Registers ASX Notice 1317.19.11
02/12/19 Revasum Inc. (ASX code: RVS) – Removal of FOR U.S. PERSON PROHIBITED tag – Procedures: Schedule 1 ASX Notice 1314.19.11
19/11/19 "FOR" Financial Products: Energy Resources of Australia Ltd  – Procedures: Schedule 1 ASX Notice 1280.19.11
01/11/19 "FOR" Financial Products: Pointsbet Holdings Limited – Procedures: Schedule 1 ASX Notice 1194.19.10
30/10/19 "FOR" Financial Products: Costa Group Holdings Limited – Procedures: Schedule 1 ASX Notice 1179.19.10
09/10/19 "FOR" Financial Products: Pivotal Systems Corporation Inc – Procedures: Schedule 1 ASX Notice 1055.19.10

30/09/19

Takeover acceptances for CHESS Holders lodged via a Participant Bidder - Section 14.15.8 and Appendix 1 

ASX Notice 0896.19.08

30/08/19 "FOR" Financial Products: Imricor Medical Systems – Procedures: Schedule 1 ASX Notice 0891.19.08
05/08/19 Guidance Note amendments relating to business continuity and cyber resilience: GNs 1 & 10 ASX Notice 0792.19.08
01/08/19 "FOR" Financial Products: Atlas Arteria Limited – Procedures: Schedule 1 ASX Notice 0766.19.07
30/07/19 "FOR" Financial Products: Sezzle Inc. – Procedures: Schedule 1 ASX Notice 0756.19.07
03/06/19 Updated international contact number for Participant Transitions: Guidance Note 1 no notice
10/05/19 "FOR" Financial Products: Life360 Inc. – Procedures: Schedule 1 ASX Notice 0435.19.05
01/03/19 Removal of Registered Holder Collateral Cover Authorisation (RHCCA) Forms: Rules 7.2, 14.1, 14.6 & 14.7; Appendix 3 ASX Notice 1339.18.11
31/01/19 Replacement of ASX Compliance Monitor: Guidance Notes 1 & 8  

10/01/19

Replacement of ASX Compliance Monitor: Procedures 1.10.1, 1.10.2 & 6.3A.4 ASX Notice 1169.18.10

04/01/19

"FOR" Financial Products: Credible Labs Inc., removal of FOR Excluded U.S. Person Prohibited tag – Procedures: Schedule 1 ASX Notice 1464.18.12
04/12/18 "FOR" Financial Products: Revasum,Inc. – Procedures: Schedule 1 ASX Notice 1369.18.12
03/12/18 Minor Amendments: Rule 1.8.1 ASX Notice 1366.18.12
12/11/18 mFund Settlement Service – CHESS 10 release: Procedures 18.3.1, 18.3.3, 18.4.1, 18.4.1, 18.4.3, Appendix 1 ASX Notice 1143.18.10
24/10/18 "FOR" Financial Products: PINCHme.com Inc. – Procedures: Schedule 1 ASX Notice 1207.18.10
23/10/18 "FOR" Financial Products: Coronado Global Resources Inc. – Procedures: Schedule 1 ASX Notice 1197.18.10
01/10/18 "FOR" Financial Products: Nufarm Limited – Procedures: Schedule 1 ASX Notice 1095.18.09
07/09/18 "FOR" Financial Products: Sydney Airport Limited, removal of FOR Excluded U.S. Person Prohibited tag – Procedures: Schedule 1 ASX Notice 0969.18.08
05/09/18 "FOR" Financial Products: Transurban Group – Procedures: Schedule 1 ASX Notice 0987.18.09
23/07/18 Miscellaneous amendments ASX Notice 0776.18.07
02/07/18 "FOR" Financial Products: Pivotal Systems Corporation – Procedures: Schedule 1 ASX Notice 0718.18.06

Recent ASX Clear (Futures) Operating Rules amendments

Effective date Amendment Notice/update
06/07/20

Default Management Enhancements to Operating Rules of ASX CS facility licensees.

ASX notice 0716.20.07
06/07/20 Multilateral Compression – ASX OTC Clearing    ASX notice 0722.20.07
28/10/19 OTC Rule and Handbook amendments - OTC Open Contracts are ‘settled to market’ rather than ‘collateralised to market’ by variation margin payments. ASX Notice 1142.19.10
05/08/19 Guidance Note amendments relating to business continuity and cyber resilience: GNs 1 & 10 ASX Notice 0792.19.08
03/06/19 Updated international contact number for Participant Transitions: Guidance Note 1 no notice
31/01/19 Replacement of ASX Compliance Monitor: Guidance Notes 1 & 8  

10/01/19

Replacement of ASX Compliance Monitor: Procedure 19.1 ASX Notice 1169.18.10
30/11/18 Liquidity margin add-on: Schedule 5.2 ASX Notice 1323.18.11
24/09/18 Changes to facilitate the decommissioning of the cash functionality in the NZClear system by the Reserve Bank of New Zealand: Procedures Schedule 3; OTC Handbook 5.8 ASX Notice 1062.18.09
12/09/18 Amendment to align the OTC Singapore client qualification criteria with the OTC ‘wholesale’ client qualification criteria for other prescribed jurisdictions: OTC Handbook 2.15 (Client Sub-Accounts) no notice
23/07/18 Miscellaneous amendments ASX Notice 0776.18.07
13/07/18 Change in annual reporting requirements for non-ADI ASX Clear (Futures) Participants that are also ASX Clear Participants: Procedure 4.14(a) ASX Notice 0783.18.07

Recent ASX Enforcement and Appeals Rulebook amendments

Effective date Amendment Notice/update
06/07/20

Default Management Enhancements to Operating Rules of ASX CS facility licensees.

ASX notice 0716.20.07

Recent Austraclear Regulations amendments

Effective date Amendment Notice/update
01/07/21 Amendments to the Austraclear Regulations and Austraclear Regulations Procedures, Determinations and Practice Notes ASX notice 0726.21.06
01/03/21 Austraclear to introduce new Linked Settlement functionality and Market Repo enhancements ASX notice 0096.21.02
06/07/20

Default Management Enhancements to Operating Rules of ASX CS facility licensees.

ASX notice 0716.20.07
30/06/20 Austraclear payment of interest where interest rates are negative: Procedures 11.0.03 & 11.1 ASX Notice 0695.20.06
05/08/19 Guidance Note amendments relating to business continuity and cyber resilience: GN 10 ASX Notice 0792.19.08
22/11/18 Austraclear USD capability: Procedures 29.2 & 29.3 ASX Notice 1321.18.11

Recent ASX Recovery Rules amendments

No amendments since 1 June 2016.

1 August 2010: New Operating Rules for ASX and SFE

On 1 August 2010 new operating rules were introduced for the ASX and SFE markets. The SFE market was renamed the ASX 24 and this name has been used in the new Rules.

document explaining the changes, along with copies of the new Rules and associated Procedures are available as follows:

Please note that the formatting and page numbers for these rules and procedures are not yet finalised, but the content and rule and procedure numbers will not change.

Consequential changes to other rulebooks:

ASX Enforcement and Appeals Rulebook (previously called the Australian Securities Exchange Disciplinary Processes and Appeals Rulebook)

ASX Clear Operating Rules (previously called the ACH Clearing Rules)

ASX Settlement Operating Rules (previously called the ASTC Settlement Rules)

Austraclear Regulations

ASX Clear (Futures) Operating Rules (previously called the Clearing Rules of SFE Clearing)

ASX Listing Rules