The sharp end of disclosure
With the release of the ASX Corporate Governance Council's best practice guidelines much of the corporate community's focus has been on digesting the plethora of principles and recommendations to achieve best practice in the future.
However we have chosen to focus on a different aspect of corporate governance practice. Our focus, in this issue, is on what happens when something goes wrong with corporate disclosure and ASIC takes a very close interest in what a company has or has not disclosed. In our feature article, Campbell Davidson, a partner in the AAR Regulatory Investigation team, explores some of the practical matters to consider should ASIC come knocking at the door.
The question of ASIC relief to overcome the on-sale of securities issues for institutional investors seems to have been resolved for the moment. Senior Associate, Peter Tillman has reviewed the current state of ASIC relief and notes that the new relief comes with a number of conditions attached all of which are considered in his article 'ASIC turns back the clock on the on-sale provisions in Chapter 6D* Conditions Apply' . However the on-sale provisions also kick up some new issues for financiers who are looking at receiving options and these are discussed by Julian Donnan, AAR lawyer in 'Taking options as consideration for a loan and the on-sale provisions' .
Highlights
- ASX Corporate Governance Council - Best Practice Recommendations
- Prospectus liability - Expert liable in Reiffel case
- ASIC - Tough stance on defective financial disclosure
- CLERP 7 - Removal of maximum director age restriction
- Directors' remuneration - Repayment of Bonuses Bill passed
- Securities issuance - War and capital markets
- Singapore float - A-REIT Property Trust Float
- Korean securitisation - Kookmin Credit Card
- US private placement - Amcor Limited
- UK Higgs committee - Best practice that can be intelligently applied
- Hong Kong - New Securities and Futures Ordinance
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