ASIC has announced it will not issue regulatory guidance on the responsible handling of rumours and corporations’ management of confidential information at this stage.

In September 2009, ASIC set out principles to assist market participants when handling rumours in Consultation Paper 118 Responsible handling of rumours.

ASIC remains of the view that, at a minimum and in line with practices in the major overseas capital markets, AFS licensees who are actively involved in the market should consider:

o having in place written procedures which provide clear guidance for operational areas involved in the market about how to deal with rumours;
o training employees in the relevant areas about these procedures, and
o monitoring compliance with these procedures and being able to demonstrate compliance with the procedures.