• AST GVT opened a review of the 2021 amendments to continuous disclosure regime, as is required pursuant to ASTCA s 1683B, and published related Terms of reference.
• It said this review is required to be conducted from 14 August 2023 and must be completed, with the review report to be provided to the AST GVT by 14 February 2024.
• Follows AST GVT September 2020 extended temporary changes for firms, officers.

Terms of Reference

• AST GVT said amendments were made to continuous disclosure regime by Treasury laws amendment (2021 measures no.1) act 2021.
• Reviewer will have regard to whether the amendments made to continuous disclosure regime are working in support of an efficient, effective, and well informed market.
• In addition, regard to the effect of the amendments on the quality and nature of disclosures made by listed firms; continuous disclosure regimes that operate overseas as well as the extent to which the Australian regime is consistent with those regimes.
• Reviewer will also have regard to whether the amendments have given rise to barriers that may prevent compliance with or enforcement of continuous disclosure obligations.
• In undertaking review, reviewer is required to consult with public, invite submissions.
• Review may set out recommendations to AST GVT, providing a rationale for any made.

Effectiveness

• The reviewer is to provide a report to the AST GVT by 14 February 2024.