15RU-010 ASX expands continuous disclosure guidance | KPMG | AU

15RU-010 ASX expands continuous disclosure guidance note

15RU-010 ASX expands continuous disclosure guidance

The Australian Securities Exchange (ASX) has re-issued Guidance Note 8 Continuous Disclosure: Listing Rules 3.1–3.1B (GN 8).


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It has expanding the guidance on:

  • earnings surprises
  • publication of analyst forecasts and consensus estimates
  • investor briefings.

The ASX’s Continuous Disclosure: an Abridged Guide has also been re-issued to reflect the changes made to GN 8.

The revised GN 8 is effective from 1 July 2015.

Key points

  • ‘Market sensitive earnings surprise’ is where actual or projected earnings differ so significantly from market expectations that a reasonable person expects a material impact on the price or value of its securities.
  • A policy of not giving earnings guidance is acceptable, however, take care in communications not to provide de facto earnings guidance.
  • Publishing analyst forecasts or consensus estimates has a risk of being considered de facto earnings guidance if not done with care.
  • Analyst and investor briefings need to be cognisant of the risk of inadvertent or selective release of market-sensitive information.

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