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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