ASX chairman Damian Roche should not survive an ASIC investigation into the equities market operator’s suspected breaches of continuous disclosure.
It is hard to imagine anything more humiliating for the equities market operator, ASX, than being investigated for potential breaches of continuous disclosure, business judgement and misleading, false and deceptive conduct over its handling of the failed CHESS replacement project.
ASX chief executive, Helen Lofthouse, who took over from Dominic Stevens after the suspected breaches occurred, will spend a lot of time responding to notices from ASIC for the production of documents.ASX’s attempt to replace the 29-year-old CHESS clearing and settlement system with a blockchain solution, using technology supplied by Digital Asset Holdings in New York, has already cost ASX shareholders $250 million in write-downs.
Here is a brief guide to the suspected breaches: Section 180 covers care and diligence; Section 674 covers continuous disclosure; Section 1041 covers misleading and deceptive comment; and Section 1308 covers false and misleading comment. The ASIC Act breaches mimic the Corporations Act breaches.
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