International Law

ASIC has released a new guide, Regulatory Guide 193: Notification of directors? interests in securities ? listed companies  (RG 193), which provides information on how directors of listed companies should comply with the disclosure requirements created by section 205G of the Corporations Act.

The guide covers the definition of ?relevant interests? and ?securities?, circumstances where notification is not required and the identification of breaches.

It also covers the factors ASIC will take into consideration when determining whether to take action against a director by referring the matter to the Commonwealth Director of Public Prosecutions. These factors include the amount of a company?s shares in question, whether a market announcement was made at or shortly after the time a notice should have been lodged and whether there have been any other instances of late lodgement of a notice by a director.