ASX Market Rules Guidance Note 24 - Fees and other charges - Self

Document Sample
ASX Market Rules Guidance Note 24 - Fees and other charges - Self Powered By Docstoc
					                                              ASX Market Rules
                                          Guidance Note No. 24

KEY TOPICS                  FEES AND OTHER CHARGES – Self assessment
1. Procedure for
                            late fees and granting of extensions
   Granting Extensions
2. Due Dates for Self
   Assessment Returns       Purpose
3. Late Fees
4. ASX Monitoring           The purpose of this Guidance Note is to outline ASX policy in
                            relation to the lodgement of ASX Self Assessment returns.

ASX Market
Rules                       Background
1. 1.15
                            Self Assessment is a key method by which ASX monitors the
                            standards of compliance, management control and operations risk
Cross-                      identification in the industry. This assists ASX to monitor the
reference                   integrity of the markets it operates and minimise the likelihood of
                            a Market Participant failing to meet its obligations.
                            For these reasons, the return of Self Assessment responses in a
                            timely manner is important for ASX to perform its
Guidance Note               responsibilities. In the opinion of ASX, eight weeks is a
History                     reasonable time from the date of dispatch of a Self Assessment
                            package by ASX for a Market Participant to complete and return
Issued: 30 September        it. In the case of Continuing Education Self Assessments for the
2004                        period ending 30 June each year, Participants have a one month
                            period until 31 July to finalise and lodge that Self Assessment.
Previously: ASX
Guidance Note 14/01-        However, ASX understands that problems beyond the control of
Self Assessment –           the Market Participant can be experienced, and therefore ASX
Granting of Extensions      may grant extensions from the return date as specified. It should
for Lodgement of
                            be noted however that extensions will only be granted for valid
Returns and Fees for Late
Returns – Rules 1A.3.1      reasons.
and 5A.7.1
                            Procedure for Granting Extensions
                            To ensure that requests for extensions are processed and
                            monitored efficiently, and late Self Assessment returns are
                            accurately determined, Compliance Services requests that Market
                            Participants observe the following procedures when seeking an
                            extension from ASX for the lodgement of the Self Assessment

                               GN 24 – Fees and other charges – Self Assessment
                               05 December 2005                                     Page 1 of 3
Prior to the due date, a Market Participant seeking an extension must make a request in writing
to ASX’s Compliance Services department. An email request is to be addressed to Included in the email must be:

    •   reason(s) for the late lodgement of the return;
    •   the proposed date for lodgement. (It is unlikely that an extension for a Self Assessment
        return will be granted for more than two weeks. If the return is received after the
        revised due date then a late lodgement fee will apply from this date); and
    •   contact details for the person(s) responsible for the completion of the return.

ASX will respond to the Market Participant in writing (wherever possible by return email) to
confirm the receipt of the email and to approve or refuse the extension. Until such time as the
Market Participant receives this confirmation, an extension has not been granted and the
original due date continues to apply.

Extensions will not be granted orally. It is the responsibility of the Market Participant to ensure
it does not assume an extension has been granted until written confirmation has been received
from ASX.

ASX believes this revised procedure will assist both ASX and Market Participants, creating an
audit trail of extensions requested and granted.

Due Dates for Self Assessment Returns

The expected due date of a Self Assessment return will be stated in the Self Assessment package.
It will generally be eight weeks from the date of despatch by ASX. Continuing Education Self
Assessments are due on 31 July each year. Where 31 July falls on a non-Business Day, the Self
Assessment will be due on the first Business Day after 31 July.

Late Fees

Pursuant to ASX Market Rule 1.15, ASX has prescribed a late fee of $100 per day for each
Business Day for the first two weeks the return is late. This fee will increase to $200 per day
for each Business Day after the first two weeks. Should any return remain outstanding for
greater than four weeks in total, disciplinary action may be initiated in addition to, or in lieu of,
late fees.

Late lodgement of a return will also increase the likelihood of ASX visiting the Market
Participant and conducting an on-site review of its compliance with ASX Market Rules.

                                  GN 24 – Fees and other charges – Self Assessment
                                  05 December 2005                                        Page 2 of 3
ASX Monitoring

ASX will monitor requests for extensions for lodgement of Self Assessment returns. ASX will
only take into account valid reasons for an extension, particularly if unusual or extraordinary
circumstances prevent the Market Participant completing the return by the due date. Requests
for extensions on the basis that the Market Participant has insufficient resources to ensure that
returns can be completed are unlikely to be favourably considered. Requests for extensions
lodged on the due date for return of the Self Assessment are also unlikely to be favourably

ASX has published this note to promote commercial certainty, and assist Market Participants.
Nothing in this note necessarily binds ASX in the application of the Rules in a particular case.
In issuing this note ASX is not providing legal advice and Market Participants should obtain
their own advice from a qualified processional person in respect of their obligations. ASX may
replace this Guidance Note at any time. Readers should contact ASX to ensure they have the
latest version.

                                 GN 24 – Fees and other charges – Self Assessment
                                 05 December 2005                                       Page 3 of 3

Shared By:
Description: ASX Market Rules Guidance Note 24 - Fees and other charges - Self