The ASX are tightening up on lodgement deadlines for periodic lodgement, and they will suspend entities from trading if they lodge after the deadline but before the market opens the next day. Such entities will be suspended from trading for one day. This will be enforced for any periodic lodgements due after 31 January 2023, including 31 December half-year and year-end reporting.
Currently, some entities simply ensure that the required documents are lodged before the markets open, the day after the lodgement deadline. This will no longer be acceptable. All relevant reports must be lodged with the Market Announcements Office, prior to the Market Announcements Office closing on the lodgement deadline date – 7:30pm Australian Eastern Standard Time (AEST) or 8:30pm during daylight savings (AEDT) on ASX trading days. This will be relevant for lodgement of the Appendix 4D (Half-year Report), Appendix 4E (Preliminary final report); and the annual Report.
For example, if your Appendix 4E lodgement deadline is 28 February 2023 (for a 31 December year-end), the Appendix 4E must be lodged with the Market Announcements office by 8:30pm on the 28 February 2023. If it is lodged at 9am on the 1 March 2023 (before the market opens at 10am), this will be considered late lodgement and you will be suspended from trading on the 1 March and will only be reinstated on 2 March 2023. You should also remember that if a lodgement deadline falls on a non-business day (Weekend or public holiday) then the lodgement must be completed the preceding business day.
The ASX has taken this view as they consider that the information contained in these periodic reports is important to investors and that market participants need to receive this information in a timely manner. They consider that if entities are lodging the information after the Markets Announcement Office closes, it does not give market participants sufficient time to consider these reports before the market reopens the next day. Hence, the one-day suspension allows participants to consider the reports before trading recommences.
It is therefore important that you are mindful of your reporting deadlines and discuss with your auditors or advisors the importance of meeting these deadlines to ensure that your entity is not suspended from training.
For more information, please contact your Moore Australia Advisor.