Footnotes
Chapter 1 - The framework for the market supervision of Australia’s stock exchanges
[1]
The Treasury, Submission No. 5, p. 1.
[2]
NSX CALLS, eNewsletter Number 5, 11 December 2000 at
www.newsx.com.au/wnews.
[3]
www.newsx.com.au/nsx.html.
[4]
Information obtained from the BSX web site at www.bsx.com.au.
[5]
Self regulation and the demutualisation of the Australian
Stock Exchange, Australian Journal of Corporate Law, March 1999, Vol 10
(1), pp. 5-6.
[6]
ASX, Submission No. 2, pp. 10-11.
[7]
ASX, Submission No. 2, p. 4.
[8]
Only public companies and
public trusts are permitted to be listed on ASX. A public company or trust is
one in which any member of the general public can acquire shares or units and
there are no restrictions on the maximum number of shareholders or unitholders.
[9]
Information obtained from the glossary of sharemarket terms on
the ASX web site, www.asx.com.au.
[10]
ASX, Submission No. 2, p. 6.
[11]
ASX, Submission No. 2, p. 6.
[12]
The Treasury, Submission No. 5, p. 1.
[13]
Explanatory Memorandum to the Financial Services Reform Bill
2001, p. 1.
[14]
Explanatory Memorandum to the Financial Services Reform Bill
2001, p. 14.
[15]
Explanatory Memorandum to the Financial Services Reform Bill
2001, p. 14.
[16]
Explanatory Memorandum to the Financial Services Reform Bill
2001, p. 87.
Chapter 2 - Advantages of the Current Framework
[1]
See Australian Securities and Investments Commission, Submission No.
8, p. 6.
[2]
See The Treasury, Submission No. 5, p. 4.
[3]
ASX, Submission No. 2, p. 4.
[4]
ASX, Submission No. 2, p. 5.
[5]
Securities Institute of Australia, Submission No. 1, p. 1.
[6]
Chartered Secretaries Australia Limited, Submission No. 6, p.
2.
[7]
Chartered Secretaries Australia Limited, Submission No. 6, p.
2.
[8]
Evidence, p. 38.
[9]
Australian Shareholders’ Association, Submission No. 12, p. 1.
[10]
Australian Shareholders’ Association, Submission No. 12, p. 3.
[11]
Australian Shareholders’ Association, Submission No. 12, p. 5.
[12]
Model for Effective Regulation – Report of the SRO Consultative
Committee of the International Organization of Securities Commissions, May
2000.
Chapter 3 - Disadvantages and Shortcomings
[1]
ASX, Submission No. 2, p. 4.
[2]
ASX, Submission No. 2, pp. 7-8.
[3]
ASX, Submission No. 2, pp. 7-8.
[4]
ASX, Submission No. 2, p.7.
[5]
ASX, Submission No. 2, p. 9.
[6]
Evidence, pp. 21-22.
[7]
Dr Shann Turnbull, Submission No. 3, p. 1.
[8]
Dr Shann Turnbull, Submission No. 3, p. 1.
[9]
Dr Shann Turnbull, Submission No. 3, p. 3.
[10]
Dr Shann Turnbull, Submission No. 3, p. 3.
[11]
Evidence, p. 28.
[12]
The Treasury, Submission No. 5, p. 5.
[13]
IFSA, Submission No. 10, p. 4.
[14]
Mr Ross Catts, Submission No. 9, p. 9.
[15]
Mr Ross Catts, Submission No. 9, pp. 2-3.
[16]
Quoted in Evidence, p. 55.
[17]
Evidence, p. 66.
[18]
ASX, Submission No. 2B, p. 9.
[19]
Evidence, pp. 23-4.
[20]
ASX, Submission No. 2B, p. 10.
[21]
Evidence, p. 23.
[22]
ASX, Submission No.2B, p. 9.
[23]
Evidence, p. 24.
[24]
Evidence, p. 10.
[25]
Boardroom Partners, Submission No. 11, p. 2.
[26]
Boardroom Partners, Submission No. 11, p. 5.
[27]
Boardroom Partners, Submission No. 11, p.5.
[28]
ASX, Submission No. 2B, p. 1.
[29]
This change follows controversy in mid 2000 when the ASX relaxed
listing rule requirements applying to shareholder approval of employee
incentive schemes. Under the listing rule change, which press reports suggested
took many within the industry by surprise, approval requirements were reduced
from 75% of shareholders to 50%. IFSA subsequently disagreed with the change,
urging company compliance with its Corporate Governance guidance notes instead
of the lower ASX requirement. A major reason for controversy surrounding the
change appears to be that it came into effect before many within the industry
were even aware of it. ASX’s initiative to list proposed changes on its website
should avoid future controversy of this nature.
[30]
ASX, Submission No. 2, p. 13.
[31]
Evidence, pp. 52-3.
[32]
Evidence, p. 53.
[33]
See discussion between Senator Conroy and Mr Humphry at
Evidence, p. 22.
[34]
Computershare, Submission No. 4, p. 13.
[35]
ASX, Submission No. 2A, p. 2.
[36]
ASX, Submission No. 2B, p. 5.
[37]
Evidence, p. 30.
[38]
Evidence, p. 10.
Chapter 4 - ASX Supervisory Review Pty Ltd
[1]
ASX, Submission No. 2, p. 14.
[2] The ‘Review Group' will comprise entities which satisfy one of the following criteria:
- their business is in direct competition with our business in a material way for ASX;
- they hold a substantial shareholding interest in ASX;
- we hold a substantial shareholding interest in them;
- the entity ‘controls' an entity falling with paragraphs (a), (b) or (c). For this purpose ‘control' means the direct or indirect capacity to dominate decision making in accordance with AASB 1017: Related Party Disclosure; or
- it is otherwise desirable for the entity to fall within the Group because of the potential for significant conflict of interest. [from ASX, Submission No. 2, p. 15]
[3]
Evidence, p. 26.
[4]
Evidence, p. 19.
[5]
Evidence, p. 143.
[6]
Evidence, p. 26.
[7]
Evidence, p. 27.
[8]
Media Release by Minister for Financial Services, 9 November
2000.
[9]
Evidence, p. 27.
[10]
Evidence, p. 12.
[11]
Evidence, p. 56.
[12]
Evidence, p. 63.
[13]
Evidence, p. 63.
[14]
Evidence, p. 39.
[15]
Evidence, p. 42.
[16]
Evidence, pp. 41-42.
[17]
Evidence, p. 109.
[18]
Evidence, pp. 69-70.
[19]
Since this evidence was taken, the ASX has established an
alliance with the Singapore Stock Exchange. The exchanges opened the trading
link on 20 December 2001. This issue is discussed in the following Chatper.
[20]
Evidence, p. 28.
[21]
Evidence, p. 2.
[22]
Evidence, p. 13.
[23]
Evidence, p. 13.
[24]
Evidence, p. 110.
[25]
Evidence, p. 40.
[26]
Evidence, p. 126.
[27]
Evidence, p. 30.
[28]
Evidence, p. 27.
Chapter 5 - Demutualisation, Listing and Alliances
[1]
The Treasury, Submission No. 5, p.
5.
[2]
ASX, Submission No. 2, p. 15.
[3]
The Treasury, Submission No. 5, pp.
5-6.
[4]
ASX, Submission No. 2, p.18.
[5]
Evidence, p.31.
[6]
ASX, Submission No. 2B, p. 8.
[7]
Evidence, p. 136.
[8]
ASX, Submission No. 2B, p. 8.
[9]
Evidence, p. 136.
[10]
Address by Ms Jillian Segal, Deputy Chair, ASIC to IOSCO
conference, June 2001.
[11]
Evidence, p. 31.
[12]
ASX, Submission No. 2, p. 9.
[13]
ASX, Submission No. 2, p. 19.
[14]
Evidence, p. 138.
[15]
Evidence, p. 31.
[16]
Evidence, p. 6.
[17]
Evidence, p. 161.
[18]
Evidence, p.14.
[19]
Evidence, p.15.
[20]
Securities Institute, Submission No. 1, p. 2.
[21]
Evidence, p. 69.
[22]
Dr Shann Turnbull, Submission No. 3, pp. 3-4.
[23]
ASX, Submission No. 2A, p. 19.
[24]
The Treasury, Submission No. 5, p. 5.
[25]
The Treasury, Submission No. 5, pp.
5-6.
[26]
The Treasury, Submission No. 5, pp. 5-6.
[27] ASX, Submission No. 2, p. 16.
[28]
Evidence, pp. 22-3.
[29]
Evidence, p. 20.
[30]
IOSCO Technical Committee on Demutualisation, Issues Paper, June
2001, p. 12.
Chapter 7 - Effectiveness of Trade Practices Law
[1] ACCC, Submission No. 7, p.
2.
[2] ACCC, Submission No. 7, p.
3.
[3] ACCC, Submission No. 7, p. 4.
[4] ACCC, Submission No. 7, p.
5.
[5] ACCC, Submission No. 7, p.
29.
[6] Miller’s Annotated Trade Practices
Act 2000/21st Edition, Russell V Miller, LBC, Sydney, 2000, p. 637.
[7] Evidence, p. 91.
[8] ACCC, Submission No. 7, p.
20.
[9] Evidence, p. 92.
[10] ACCC, Submission No. 7, p.
3.
[11] Evidence, p. 52.
[12] Computershare, Submission
No. 4, p. 9.
[13] Financial Services Reform Act 2001, s824A - s824C.
[14] Computershare, Submission
No. 4, p. 9.
[15] ASX, Submission No. 2B, p.
4.
[16] Chartered Secretaries of
Australia Limited, Submission No. 6, p. 3.
[17] ASX, Submission No. 2B, p.
21.
[18] Evidence, p. 94.
[19] Evidence, p. 88.
[20] Evidence, p. 89.
[21] Additional information supplied by the ACCC.
[22] ACCC, Submission No. 7, p.
8.
Appendix 3 - Alternative models
[1] Submission
No. 2, Appendix 5.
[2] United
States Securities Industry Association, Reinventing self regulation,
White paper for the SIA's Ad hoc Committee on Regulatory Implications of
de-mutualisation, January 2000.
[3] White
paper, p.3.