The Australian Securities Exchange (ASX) recently announced it will now require listed entities to disclose if they have received a waiver within one business day of the waiver being granted.
Current waiver disclosure process
ASX currently publishes details of the waivers it has granted on a bi-monthly basis and there is typically a period of five to eight weeks between when a waiver is granted and when it is published by the ASX.
New mandatory disclosure requirement
From September 2025, ASX will require a listed entity granted a waiver to disclose its nature, effect and the reasons for seeking the waiver within one business day of being notified by the ASX that the waiver has been granted – except when the waiver relates to a confidential and incomplete proposal or negotiation.
Waiver applicants will need to submit to ASX a draft statement for release to the market that outlines the nature and effect of the waiver and the entity’s reasons for seeking the waiver when they make a waiver application. If the waiver is granted, the entity will be required to release the statement on the market announcements platform, either as a standalone announcement or as part of a related announcement.
Confidential and incomplete proposals exception
ASX recognises that a listed entity can be prejudiced if it is required to disclose a confidential and incomplete proposal or negotiation. Entities who have received a waiver in relation to a confidential and incomplete proposal or negotiation will not be required to disclose the waiver until the matter ceases to be confidential or incomplete. However, all waivers will still be published by ASX in the waivers register in the ordinary course, regardless of whether the matter has ceased to be confidential or incomplete.
If the timing of publication of the waiver by ASX in the waivers register is a cause for concern, an applicant for a waiver should consider seeking in-principle advice in the first instance and then making a formal application for the waiver at a more appropriate time.
Impact on listed entities
ASX will start systematically applying the new waiver requirements for waivers granted from September 2025 but may apply the new requirements to waivers granted before then on a case-by-case basis. We recommend that from 11 August 2025 onwards, all new standard and non-standard waiver applications include the new disclosure. Guidance Note 17 will also be amended to reflect ASX’s changes and the updated Guidance Note will take effect from 11 August 2025.
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