ASX Limited - 'good fame and character' requirement for directors of new listed companies

Articles Written by Kerry Morrow

We previously reported on proposed amendments to the ASX Listing Rules to require an applicant for ASX Listing to satisfy ASX that its directors or proposed directors at the date of listing are of good fame and character. Those amendments were implemented on 1 January 2012.

Applicants are required to provide to ASX in respect of each director a criminal history check and a bankruptcy check (not more than 12 months old, or if the director is not an Australian resident, equivalent national check for each country in which the director has resided over the past 10 years) and a statutory declaration affirming that they have not been the subject of relevant disciplinary or enforcement action by an exchange or securities market regulator.

Applicants should have regard to the time required to obtain such checks when determining their timetable for listing.

Important Disclaimer: The material contained in this article is comment of a general nature only and is not and nor is it intended to be advice on any specific professional matter. In that the effectiveness or accuracy of any professional advice depends upon the particular circumstances of each case, neither the firm nor any individual author accepts any responsibility whatsoever for any acts or omissions resulting from reliance upon the content of any articles. Before acting on the basis of any material contained in this publication, we recommend that you consult your professional adviser. Liability limited by a scheme approved under Professional Standards Legislation (Australia-wide except in Tasmania).

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