Late disclosure campaign

THE Australian Securities and Investments Commission has announced the results of its campaign against listed companies that failed to lodge their financial statements on time.

The project was designed to detect and take action against listed companies that failed to lodge either their half-year or full-year (where they had a December 31 balance date) financial statements on time.

ASIC issued 22 orders against companies that were late, or failed to lodge their December half-year statements. Another five determinations were issued against companies that were late or failed to lodge their December full-year statements.

Those orders and determinations were lodged under Section 713(6) of the Corporations Act.

This has two effects. Firstly, it requires companies to use a full prospectus, rather than allowing them to rely on the shorter form prospectus usually available to a listed company that has been complying with its disclosure obligations to the market.

Secondly, companies are unable to avail themselves of some ASIC class orders that would otherwise assist in cheaper and quicker fundraising.

ASIC is considering additional enforcement action against those listed companies that have still not lodged their financial statements.

The companies have a right of appeal against the orders to the Administrative Appeals Tribunal.

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