The Australian Securities Exchange (ASX) is considering public submissions received on proposed governance-related changes to its listing rules and has delayed its planned start date.
ASX released a consultation paper on proposed changes to its listing rules in August, and took the opportunity to seek feedback on a number of other proposed governance-related changes by 15 November.
Some new rules were scheduled to take effect on 1 January, but are now being deferred, including the requirement to disclose on-market purchases of securities on behalf of employees, directors, or their related parties under an employee incentive scheme.
Amendments to a number of listing rules that currently apply to ‘associates,’ extending their reach to ‘related parties’ has also been put back.
ASX intends to release modified listing rule changes in Q1 2014 for public consultation. If adopted, the modified rules would not come into effect any earlier than 1 July. Instead it would be aligned with the start date for a larger rule and guidance package intended to complement the reforms proposed in a new edition of the ASX Corporate Governance Council’s corporate governance principles and recommendations.