Removal of appeal rights for decisions under ASX Listing Rules
The Corporations Committee of the Business Law Section of the Law Council of Australia (the Committee) wishes to record its concern that the rules providing a right of appeal to the ASX Appeal Tribunal in respect of decisions made by ASX under the ASX Listing Rules were removed with effect from 24 December 2015 without any prior notice.
For your information, we enclose a copy of a letter we have sent to ASX expressing our concerns about this change and the lack of prior consultation.
The Committee was grateful for the opportunity to meet with you earlier this month to discuss these issues and understands ASIC supported ASX’s decision to remove appeal rights under the Listing Rules. Nevertheless, the Committee remains concerned about both issues and wishes to record its position.