Price Queries and the Enforcement of Australia’s Continuous Disclosure Regime

Journal of Applied Research in Accounting and Finance, Vol. 6, No. 2, pp. 28-38, 2011

20 Pages Posted: 16 Jan 2012

See all articles by Cary Di Lernia

Cary Di Lernia

affiliation not provided to SSRN

Angelo Aspris

University of Sydney - Discipline of Finance; Financial Research Network (FIRN)

Date Written: January, 15 2012

Abstract

A crucial element of market regulation in Australia geared towards achieving and maintaining market integrity is the obligation of listed and other disclosing entities to continuously disclose material information to the market: ASX Listing Rule 3.1. ASX Compliance (a wholly-owned subsidiary of ASX Ltd) fulfils the ASX’s market oversight obligations by monitoring and enforcing compliance with the market’s operating rules. If concerned that less than transparent behaviour may have been responsible for unusual movement in a company’s share price or trading volumes, the ASX may issue a query to the company concerned. Details of the response and the query sent by the ASX are then made available through the announcements platform on the ASX website. This paper represents an initial investigation into this element of the practical reality of enforcement of the continuous disclosure regime. It analyses company responses to ASX price queries with a view to gaining a deeper understanding of the explanations provided by listed entities and the frontline of ASX enforcement activity surrounding the regime.

Keywords: market integrity, ASX, continuous disclosure, price queries

JEL Classification: M40, M41

Suggested Citation

Di Lernia, Cary and Aspris, Angelo, Price Queries and the Enforcement of Australia’s Continuous Disclosure Regime (January, 15 2012). Journal of Applied Research in Accounting and Finance, Vol. 6, No. 2, pp. 28-38, 2011 , Available at SSRN: https://ssrn.com/abstract=1985725

Cary Di Lernia (Contact Author)

affiliation not provided to SSRN ( email )

Angelo Aspris

University of Sydney - Discipline of Finance ( email )

Cnr. of Codrington and Rose Streets
Sydney, NSW 2006
Australia

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

HOME PAGE: http://www.firn.org.au

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