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ASIC Consultation Paper - Handling Confidential Information
18 February 2010
What's new?
ASIC have released a consultation paper containing its draft proposals for best practice relating to the handling of confidential information, primarily in the context of capital raisings and mergers and acquisitions.
ASIC’s proposals for internal policies and best practice include:
- Companies to maintain a register of all people who are insiders on sensitive transactions
- Designating responsibility for monitoring compliance
- Policies establishing standards of behaviour for handling confidential information
- Limiting the number of people with access to confidential information
- Documents, in the case of major transactions, to be classified according to the level of protection they require
- Systems and controls in place to quarantine confidential information from contractors and other third parties that share the company’s systems
- Third party advisers required to provide up-to-date lists of people in their firm that have access to the company’s information
- Leak investigation policies
- Umbrella agreements
- Transaction specific confidentiality agreements
- Personal account dealing policies for firms that advise on market-sensitive transactions
- Proposals for investment banks relating to sounding the market
- Staff training policies in relation to dealing with confidentiality obligations, supported by regular training programs and internal communications
What's next?
Comments on ASIC’s proposals close on the 21st of February. And can be made here:
Address submissions to:
Kate O'Rourke
Senior Manager, Corporations
Australian Securities adn Investments Commission
GPO Box 9827
Sydney NSW 2001
Email: kate.o'rourke@asic.gov.au
ASIC expects to release a Regulatory Guide in April 2010
For further inofrmation:
Link to ASIC's Consultation Paper 128 - Handling confidential information here: www.asic.gov.au