Corporate Governance Update: Handling Of Confidential Information - Briefings And Unannounced Corporate Transactions


ASIC recently released Report 393 Handling of confidential information: Briefings and unannounced corporate transactions (the "Report"). The Report results from ASIC's attendance at sample investor briefings, media-based analysis, academic research and market practice interviews, and contains important observations and recommendations regarding current market practice. These include:

- Identifying the importance of both having and implementing appropriate policies and procedures on the conduct of briefings to prevent disclosure of confidential, market sensitive information;

- Suggesting that listed entities must take greater responsibility for the management of their own confidential, market-sensitive information, to minimise risks of disclosure by third parties; and

- Encouraging listed entities to manage the risk of leaking confidential, market-sensitive information at market soundings, by preparing draft requests for trading halts and draft announcements.

In this corporate governance update we set out some of the key findings and recommendations as they relate to listed companies.

Please see full update below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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