Australia regulator wins landmark 'continuous disclosure' case against ANZ

The Australian Securities and Investments Commission has won a landmark continuous disclosure case against ANZ. In a ruling today (13 October) the Federal Court found Australia and New Zealand Banking Group Limited (ANZ) breached continuous disclosure laws when undertaking a $2.5bn institutional share placement in 2015 by failing to disclose material placement subscriptions allocated to underwriters. ASUC said the landmark case reaffirms the importance of the continuous disclosure rules to maintain market integrity. The decision also confirms that a significant take-up of shares by un...