NEW continuous disclosure rules on the release of market-sensitive information for listed companies are expected to come into effect from May.
ASX chief compliance officer Kevin Lewis said the new rules struck the right balance between the needs of companies for compliance certainty and those of investors for timely, meaningful disclosure.
The move to update disclosure rules for the first time since 2005 came after failed legal action against Fortescue Metals Group and a sham takeover bid for David Jones.
Draft guidelines released in October 2012 sought to clarify that the need to disclose market-sensitive information "immediately" did not mean "instantaneously" but rather "promptly and without delay".
Following the consultation period, the ASX sought to clarify "delay" was not simply just the passing of time, but rather the "deferring, postponing or putting off" of any announcement to a later time.
Also, the ASX took out a reference where it believed a reasonable person would expect a company that was subject to a hostile takeover bid to disclose a potential competing offer.
Industry feedback said such a requirement would discourage potential counter-bidders from making a genuine competing offer and "may also encourage spoilers to make illusory or highly conditional counter-offers, knowing that the target will have to disclose them".
The new guidelines are expected to come into effect around May 1 should Financial Services Minister Bill Shorten approve the changes.
Clayton Utz partner Karen Evans-Cullen said the ASX responded to the need from industry players to clear up areas of ambiguity in the draft guidelines.
"I don't actually think they have made any fundamental policy changes with the changes released today, it is more just clarification," Ms Evans-Cullen said.
"The package released today really does reflect that they have seriously considered the industry feedback they got."
The Australian Securities and Investments Commission (ASIC) welcomed the updated rules.
"Continuous disclosure issues can sometimes be difficult, and judgment calls can be required," ASIC commissioner John Price said in a statement.
"We are confident the updated guidance will help companies."
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