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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. This abolished the right of appeal in respect of decisions: 

The Committee is grateful for the fact ASX has subsequently met with it to provide some information explaining the background to this decision and ASX’s reasons for not consulting with market participants before implementing it. However, while the Committee understands ASX’s decision was primarily motivated by a desire to protect the integrity of its market in the face of emerging risks, the Committee remains concerned the removal of appeal rights has inappropriately removed important protections for people whose interests may be adversely affected by ASX decisions under the Listing Rules. The Committee also remains unconvinced that it was appropriate to proceed with such a material change to ASX’s operating rules without consultation. 

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