• Proprietary company: – No more than 50 non-employee shareholders – Cannot raise funds from the public • Public company: Any company other than a proprietary company. • Registered scheme: Registered scheme refers to a managed investment scheme that is registered under s.601EB of the Corporations Act.
23 5.2. ASX • Listing rules help ensure that information is disseminated in an efficient and timely manner. Failure to comply may lead to removal from the Board. • ASX Listing Rules divided into 20 chapters - key are Chapter 3 (continuous disclosure) and Chapter 4 (periodic disclosure). • Listing Rule 3.1 provides the general principle that: – once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities, the entity must immediately tell the ASX that information. Research School of Accounting