The Continuous Disclosure Obligations in Australia: Do They Still Have Substantive Content and Can Those Relying on Public Disclosures Make Confident Informed Decisions?

20 Pages Posted: 26 Oct 2016

See all articles by Gill North

Gill North

Deakin University, Geelong, Australia - Deakin Law School

Date Written: 2013

Abstract

The Australian Securities Exchange has recently amended Guidance Note 8 to Listing Rule 3.1 to provide greater clarity around the continuous disclosure obligations. This article argues that the requirements to update the market on changes in trading conditions and associated changes to expected earnings are unduly ambiguous and that persons relying on publicly disclosed company information may struggle to make confident informed decisions. The move from objective earnings variations to opaque and transient private measures as the basis for determining disclosure of earnings related news is viewed as a retrograde step that does not accord with international best practice. These amendments are expected to weaken the corporate disclosure regime, discourage the provision of public guidance by listed companies, and raise the bar for those involved with supervision and enforcement of company disclosure matters.

Keywords: Company disclosure, Continuous disclosure obligations, Public disclosure

Suggested Citation

North, Gill, The Continuous Disclosure Obligations in Australia: Do They Still Have Substantive Content and Can Those Relying on Public Disclosures Make Confident Informed Decisions? (2013). Australian Journal of Corporate Law Vol. 28, (2013). Available at SSRN: https://ssrn.com/abstract=2848668

Gill North (Contact Author)

Deakin University, Geelong, Australia - Deakin Law School ( email )

221 Burwood Highway
Burwood
Burwood, Victoria 3125, Victoria 3125
Australia

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