ASX to Pay Fine Over Misleading Chess Project Statement, ASIC Announces
Australia's securities regulator, ASIC, has announced that ASX Ltd. has agreed to pay a fine. The penalty is related to a market announcement made by ASX on February 10, 2022. In the announcement, ASX had stated that its Chess replacement project was "progressing well," a claim the company has since admitted was misleading.
Australia's securities regulator, the Australian Securities and Investments Commission (ASIC), has revealed that ASX Ltd. will pay a fine. The agreement comes after ASX admitted that a market announcement issued on February 10, 2022, contained misleading information.
The announcement in question concerned the company's Chess replacement project. ASX had publicly stated that the project was "progressing well." However, the company has since acknowledged that this assertion was not accurate.
The fine is a consequence of ASX's admission regarding the misleading nature of its prior statement.
(Source: Bloomberg Markets)
