Continuous Disclosure: Social Media and the Two Sides to Trading Halts

In: Business and Management

Submitted By LeoLee91
Words 796
Pages 4
Michael Quilter
The Conversation, 21 January 2013.

In this article, the author has highlighted the importance and the need of increasing awareness and policing in the area of continuous disclosure by Australia’s corporate regulators.
The framework of Continuous Disclosure act was introduced in 1994. However, disclosure requirements are certainly not new in corporate law and are dated back to the late 19th century where companies were required to announce promptly any alteration of market material information.

However, in the 21st century, where technology enhanced the efficiency to facilitate the multiplied market information through social media, the disclosure act has never been as important as it is today. The recent revision of the listing rule by Australian Securities and Investment (ASIX), which is backed by the litigation Chapter 6CA, highlighted the need to respond to the world today. Any single piece of information is able to upset the fragile share market.

The general area where the disclosure act is regulated in Chapter 6CA (ss674-678) Corporations Act as well as through Australian Securities Exchange (ASX) Listings Rules (Chapter 3). The listings rule is supported by Section 674, which requires disclosure of information that is not generally available (and that a reasonable person would expect if it were generally available) and accordance with listing rules, to have material effect on the price.

The general principle behind ASX continuous disclosure is built on this following principle:
“Timely disclosure must be made of information which may affect *security values or influence investment decisions, and information in which *security holders, investors and ASX have a legitimate interest”
Extracted from Guidance Note 8 - Continuous Disclosure: Listing Rule 3

Specifically, any entity in which subsection 674(2) of the Act applies…...

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