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ASX Admits Breach in ASIC Settlement Over Chess Project Disclosures

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ASX (ASX:ASX) settled Federal Court proceedings with Australian Securities and Investments Commission (ASIC) over misleading 2022 statements about its Chess replacement project, admitting a breach of the ASIC Act, according to a Monday filing with the Australian bourse.

The exchange operator agreed to pay AU$20.5 million in penalties plus AU$3 million in legal costs, subject to court approval.

ASIC commenced civil penalty proceedings in August 2024, alleging that ASX made misleading or deceptive statements to the market in 2022 regarding the Chess replacement project, including claims that it was "progressing well," "tracking to the Published Plan," and "tracking to Go-Live in April 2023," per the filing.

The settlement resolves the matter, and the parties will no longer proceed to trial, the filing added. ASX will recognize the penalty and legal costs as "significant" fiscal 2026 items impacting statutory earnings.

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