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.

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