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9.6
When the Standing Committee considered this proposed section
in late 1985, two of the ex-officio Members commented on it. Mr. Gleeson,
Registrar General, in his capacity as Registrar of Companies, thought
that if legislation along the lines of the proposed section, and
incorporating all the amendments recommended by members of the public
who had commented on it, was enacted, there would be no practical way
for him to enforce it strictly. For example, he would have great
difficulty in deciding what information was price-sensitive in
particular circumstances.
9.7
Mr. Astin, Commissioner for Securities, supported the
principle behind the proposed Section 155D but thought that the
clause itself had been too restrictive. He thought that the
Securities Commission's then-draft Stock Exchange Listing Rules,
which were scheduled to go into operation in early 1986, would
go a long way towards meeting the need for prompt disclosures of
price-sensitive information.
9.8
It was agreed that Members should at least have an
opportunity to see the finalised form of the Securities Commission's
Stock Exchange Listing Rules before reaching any decision on this
matter.
9.9
Consideration was therefore resumed in early 1986 after the
Securities (Stock Exchange Listing) Rules 1986 came into operation on
1st February 1986.
9.10
The Standing Committee noted that, in the context of
information to shareholders, the important part of the Rules is the
Undertaking in the Schedule which sets out the information which listed
companies are required to supply to, inter alios, their shareholders.
Paragraph 2 of the Undertaking contains a general obligation to
supply information.
It appeared to Members that, in comparing this
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