APX operates a market for securities, and fixed interest securities listed by companies. It is the holder of an Australian market licence under the Corporations Act.
To protect the integrity of its market, ASX has standards for the behaviour of listed entities through its Listees Listing Standards (LLS). The Market Supervision Department makes day-to-day decisions about the application of the APX Listing Standards.
The Listing Standards govern the admission of companies (and other entities) to the APX official list, quotation of their securities, suspension of securities from quotation and removal of entities from the official list. They also govern continuous and periodic disclosure and some aspects of a listed entity’s conduct. Listed entities must comply with the Listing Standards.
The Listing Standards also constitutes a contract between APX and its Listees and the standards are also enforceable against Listees under the Corporations Act. The Listing Rules create obligations that are additional, and complementary, to common law obligations and statutory obligations.
The Listing Rules are based on principles which take into account the interests of listed entities, maintenance of investor protection and the need to protect the reputation of the market.
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