ASIC has released an updated Practice Note 55 Disclosure documents and PDS: consent to quote [PN 55]. The practice note deals with the requirement in the Corporations Act for an issuer to obtain the consent of a person to quote them in a prospectus or PDS (s716(2) and 1013K refer). Similar requirements apply to bidders’ and targets’ statements in takeovers.

ASIC has also given class order relief from the consent requirement:

• Class Order [CO 07/428] Consent to quote: Citing credit ratings, trading data and geological reports in disclosure documents and PDS for prospectuses and PDS
• Class Order [CO 07/429] Consent to quote: Citing credit ratings agencies, trading data and geological reports in takeovers for takeover documents

The new class orders give relief to quote:

• credit ratings of debt or hybrid securities or equities of authorised deposit-taking institutions;
• trading data from financial markets or market data providers; and
• historical geological reports.

ASIC has finalised the updated PN 55 after public consultation on a draft.

Our new class orders are in addition to existing ASIC class order relief to quote, for example, public officials and books and journals.