Page(s)

Topic

Summary of change

Pages 13-14

When ASX would permit internal market making

Remove the reference to an AQUA Product having a concentrated portfolio in connection with internal market making. The relevant test will continue to be whether there is a genuine need to protect the intellectual property of the issuer or the AQUA Product, consistent with RG 282. This amendment shifts the focus away from portfolio concentration as a primary determinant and aligns the Guidance Note with the policy intent of RG 282.

Page 11

Intellectual property considerations

Updated to clarify that protection of intellectual property is relevant where an issuer seeks delayed disclosure under both the Material Portfolio Information (MPI) disclosure model and the internal market-making model. Previously, the drafting could be interpreted as requiring issuers to demonstrate a need to protect intellectual property only where internal market making was used, and not where the MPI disclosure model was relied upon.

Page 11

Confirmation required in disclosure document

Updated to clarify that ASX will only permit delayed disclosure where the issuer includes disclosure in the PDS that such delay is required to protect the intellectual property of the AQUA Product issuer or the AQUA Product. This disclosure forms the basis on which ASX will permit delayed disclosure.

Entire document

Other (non‑substantive updates)

Non‑substantive drafting updates, including:

·       replacing references to INFO 230 with RG 282, following the cessation of INFO 230 and its incorporation into RG 282;

·       capitalising defined terms (e.g. AQUA Product, AQUA Product Issuer, Warrant Issuer) to align with the ASX Operating Rules; and

·       removing references to legacy conditions of admission relating to the “Managed Fund” label, reflecting updated ETF naming conventions and the redundancy of that terminology.