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Continuous disclosure Professor Michael Adams FCIS Breakout session D1 1:50pm – 2.30pm 5 th December 2011 28 TH ANNUAL CONFERENCE 2011
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Continuous disclosure This is not a lecture session, but a discussion Disclosure – Periodic – Continuous Legal, regulatory & practical issues Put your organisation’s logo here
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Continuous disclosure Corporate Law Reform Act 1994 – 5 th September 1994 commencing laws Section 674 Corporations Act Rule 3.1 ASX Listing Rules Bill Koeck article “Continuous disclosure” Companies and Securities Law Journal – November 1995 Put your organisation’s logo here
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Continuous disclosure April 2002 CSA ran a symposium “CD – a Corporate Governance Fundamental” Articles have regularly appeared in Keeping Good Companies Nov 2011 issue C&SLJ by Jason Harris & Suzanne Webbey “Personal Liability for corporate disclosure problems” Put your organisation’s logo here
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Continuous disclosure Is there any more to be discussed about the issues of LR 3.1 and s674? November 2011 release of ASIC Market Assessment Report of ASX – Nine agreed actions Action 6 = approach to discussing and recording continuous disclosure matters Action 7 = approach to listing rule exceptions Put your organisation’s logo here
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Continuous disclosure 29 Nov 2011 – AFR reports “Belinda Gibson, ASIC deputy chair states” – Evidence issues around referrals – “There might be a scrap of loose paper, nothing more than that” ASX is in charge of monitoring continuous disclosure Put your organisation’s logo here
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CD - Questions Should all conversations be recorded by ASX officers? Do the current carve-outs work? How do international (multi-exchange) companies cope? Problems with class actions and timing of disclosure? Put your organisation’s logo here
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Continuous disclosure Current litigation in HCA in 2011 James Hardie litigation FMG & Andrew Forrest litigation Civil and criminal matters – distinguish Direct and indirect liability – distinguish – ASIC v Maxwell (2006) – ASIC v Narain & Citrofresh (2008) Put your organisation’s logo here
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