GRT Alert: ASIC tasks Eastern Analyticawith developing technology solution tohelp analyse disclosures

The Honourable Ed Husic MP, Minister for Industry and Science has announced a $1 million grant for Eastern Analytica Pty Ltd to assist ASIC with identifying and assessing poor market disclosure by listed entities.

ASIC has tasked Eastern Analytica with developing a technology solution that will assess the compliance of listed companies with the following requirements:

continuous disclosure (price sensitive disclosure) and other disclosure obligations to the market;
financial reporting obligations;
prohibition against misleading and deceptive disclosure (such as misleading categorisation of market announcements); and
the prohibition against practices that manipulate the pricing of securities.

Eastern Analytica will develop its proposed solution over a period of up to 15 months.

Whilst it is not clear how this technology will be deployed and despite this technology being some time away, it is a clear signal of ASIC’s intent that disclosure obligations will be subjected to closer scrutiny. If you would like any advice in relation to your disclosure obligations, please contract Glenn Vassallo (Managing Director) or Scott Standen (Director).

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Scott’s career spans more than 20 years as a corporate lawyer and has encompassed an in-house general counsel role, director of Statutory Authorities and corporate legal adviser to managing directors, chief financial officers and boards of directors of ASX listed companies.

Scott is regularly called on by clients to provide strategic corporate advice to boards of directors and to project manage merger and acquisition transactions and public equity markets transactions. He prides himself in providing technically accurate and commercially focused corporate advice for public, private and listed companies, boards of directors and corporate advisers.

In particular, Scott advises on public equity markets transactions, debt issuances and restructuring, corporate governance and advisory, regulatory compliance, public and private M&A transactions, contract negotiation and directors’ duties and liabilities.

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Scott’s experience includes:

Advising Cerro Resources Limited in relation to its public market merger and acquisition deal with Canadian based Primero Gold Limited and the concurrent spin out of assets to Santana Metals Limited and listing of Santana Metals Limited on ASX
Advising Discovery Metals Limited in relation to its A$250 million debt restructuring and associated equity raisings and proposed convertible note issue
Advising Polymetals Limited in relation to its acquisition by Southern Cross Goldfields by way of scheme of arrangement
Advising Southern Cross Goldfields Limited in relation to its A$60 million capital raising transaction involving equity, debt and hybrid securities
Dual listing on Hong Kong Exchange of ASX listed company
ASX listing of Asia focused technology / media company and
ASX listing of Apiam Animal Health Limited, vertically integrated provider of services and product to agricultural industry and
ASX listing of P2P Transport Limited.

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Scott holds Bachelor Degrees in Law and Business Administration and a Masters of Law. Scott has previously held positions as a Director on the Boards of the Queensland Manufactured Water Authority (and related entities) and the Queensland Bulk Water Authority (and related entities).