data = [
  {
    "moduleName": "Continuous disclosure",
    "questions": [
      {
        "question": "Listing rule 3.1 requires a listed entity to disclose information that a reasonable person would expect to have a material effect on the price or value of its securities. When must the disclosure be made?",
        "feedback": "The information must be disclosed immediately, meaning promptly and without delay.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Before market open."
          },
          {
            "optionId": 2,
            "optionText": "After market close."
          },
          {
            "optionId": 3,
            "optionText": "Immediately (meaning instantaneously)"
          },
          {
            "optionId": 4,
            "optionText": "Immediately (meaning promptly and without delay)"
          }
        ]
      },
      {
        "question": "In Guidance Note 8: Continuous Disclosure: Listing Rules 3.1 – 3.1B, ASX gives guidance that an officer of a listed entity who is faced with a decision on whether information needs to be disclosed under listing rule 3.1 may find it helpful to ask two questions. What are they?",
        "feedback": "The correct responses are answers 1 and 4 above.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure. Two answers are required.]",
        "correctAnswer": "1,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Would this information influence my decision to buy or sell securities in the entity at their current market price?"
          },
          {
            "optionId": 2,
            "optionText": "Would the disclosure of this information harm investors in the entity by causing a material fall in the price of the entity’s securities?"
          },
          {
            "optionId": 3,
            "optionText": "Would the disclosure of this information embarrass the board or senior management of the entity?"
          },
          {
            "optionId": 4,
            "optionText": "Would I feel exposed to an action for insider trading if I were to buy or sell securities in the entity at their current market price, knowing this information had not been disclosed to the market?"
          }
        ]
      },
      {
        "question": "Which of the following steps could a listed entity take to help manage the requirement to disclose information immediately under listing rule 3.1?",
        "feedback": "The entity could do all of these things to help manage its disclosure obligations.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Have a template letter requesting ASX to grant a trading halt ready for use at all times. In this way, if the entity needs to request an urgent trading halt, it can do so without delay."
          },
          {
            "optionId": 2,
            "optionText": "Anticipate what might happen if information about a confidential transaction being negotiated leaks and have a template announcement ready that can be quickly updated and issued straight away."
          },
          {
            "optionId": 3,
            "optionText": "Where it has advance notice of an event that is likely to require an announcement under listing rule 3.1, prepare a draft announcement ahead of time that can be issued straight away."
          },
          {
            "optionId": 4,
            "optionText": "Where it will have to disclose the signing of a material contract, try to ensure that the signing occurs and the announcement is made before the market opens or after the market closes as this will give it more time to co-ordinate the signing and make the announcement."
          }
        ]
      },
      {
        "question": "Under listing rule 3.1A, information is not required to be disclosed under listing rule 3.1 if … ?",
        "feedback": "The correct response is answer 4 above.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One or more of the following 5 situations applies: (1) It would be a breach of a law to disclose the information; (2) The information concerns an incomplete proposal or negotiation; (3) The information comprises matters of supposition or is insufficiently definite to warrant disclosure; (4) The information is generated for the internal management purposes of the entity; or (5) The information is a trade secret."
          },
          {
            "optionId": 2,
            "optionText": "The information is confidential and ASX has not formed the view that the information has ceased to be confidential."
          },
          {
            "optionId": 3,
            "optionText": "A reasonable person would not expect the information to be disclosed."
          },
          {
            "optionId": 4,
            "optionText": "All of 1, 2 and 3 above apply."
          }
        ]
      },
      {
        "question": "ASX detects abnormal trading in a listed entity’s securities at the opening of the market and contacts the entity to ask whether it is aware of any information which has not been announced to the market and which, if known, could explain the abnormal trading. The entity tells ASX that it is negotiating a material business acquisition but maintains that the negotiations are incomplete and confidential and therefore do not have to be disclosed under listing rule 3.1A. ASX does not agree and tells the entity that, in light of the abnormal trading in its securities, ASX considers that information about the negotiations has ceased to be confidential. What should the entity do to comply with its continuous disclosure obligations?",
        "feedback": "The correct responses are answers 2, 3 and 4 above",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure. More than one answer is required.]",
        "correctAnswer": "2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing – it can continue to rely upon the exceptions in listing rule 3.1A because the transaction is an incomplete negotiation and it genuinely believes that information about the transaction is confidential."
          },
          {
            "optionId": 2,
            "optionText": "If it has a draft announcement already prepared about the current state of the negotiations, finalise the announcement and lodge it immediately with ASX."
          },
          {
            "optionId": 3,
            "optionText": "If it does not have a draft announcement already prepared, request an immediate trading halt and make an announcement to the market about the current state of the negotiations as soon as it can."
          },
          {
            "optionId": 4,
            "optionText": "If the negotiations are close to completion, request an immediate trading halt (or, if it is likely to take more than two trading days to complete the negotiations, a voluntary suspension) and make an announcement to the market after the negotiations have been completed and the full terms of the transaction can be disclosed."
          }
        ]
      },
      {
        "question": "A listed entity has a stated policy of not commenting on media speculation or market rumours. A specific and credible rumour appears in the printed media prior to the market opening that the entity is close to agreeing a major acquisition. The ASX order queue indicates that there is likely to be a significant increase in the price and volume traded of the entity’s securities when the market opens. ASX contacts the entity and is told that the rumour is untrue. What should the entity do to comply with its continuous disclosure obligations?",
        "feedback": "The correct responses are answers 3 and 4 above.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure. More than one answer is required.]",
        "correctAnswer": "3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing – it is perfectly reasonable for the entity to have a policy of not commenting on media speculation or market rumours."
          },
          {
            "optionId": 2,
            "optionText": "Wait until ASX tells it that there is a false market in its securities and ASX requires it to confirm that the media article is incorrect under listing rule 3.1B."
          },
          {
            "optionId": 3,
            "optionText": "Make an announcement to the market before market open advising that the media article is incorrect."
          },
          {
            "optionId": 4,
            "optionText": "If the entity is not able to make such an announcement before market open, request an immediate trading halt and make the announcement to the market as soon as it can thereafter."
          }
        ]
      },
      {
        "question": "The ASX market is trading. A major lender to a listed entity declares an event of default and calls for the immediate repayment of the outstanding balance of its loan, causing the entity to become insolvent. What should the entity do to comply with its continuous disclosure obligations?",
        "feedback": "The correct responses are answers 3 and 4 above.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure. More than one answer is required.]",
        "correctAnswer": "3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing – the entity will now need to enter into confidential negotiations with the lender to refinance its loan and those negotiations are not required to be disclosed under listing rule 3.1A."
          },
          {
            "optionId": 2,
            "optionText": "Nothing – no reasonable person would expect it to make an announcement in these circumstances because of the impact it will have on the entity’s employees, creditors, suppliers and customers."
          },
          {
            "optionId": 3,
            "optionText": ": If it had some forewarning of the lender’s action and it has already prepared an announcement about the event of default and the impact it will have on the entity, immediately lodge that announcement with ASX."
          },
          {
            "optionId": 4,
            "optionText": "If it hasn’t already prepared an announcement, immediately request a trading halt or voluntary suspension and make the announcement to the market about the event of default and the impact it will have on the entity as soon as it can thereafter."
          }
        ]
      },
      {
        "question": "Part way through a financial period, it becomes apparent to a listed entity that its earnings for the period will be substantially lower than the earnings guidance it has given to the market for that period. It expects this will come as a surprise to the market and that it is likely to cause the market price of the entity’s securities to drop materially. What should it do?",
        "feedback": "The entity should be making an announcement to the market under listing rule 3.1 informing the market about the earnings surprise.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing - the market will be informed of the reduction in earnings in due course when the entity releases its accounts to the market."
          },
          {
            "optionId": 2,
            "optionText": "Try to bring forward the release of its accounts to reduce the period that the market is trading unaware of the earnings surprise."
          },
          {
            "optionId": 3,
            "optionText": "Privately brief its largest investors so that they are not taken by surprise when the entity eventually releases its accounts."
          },
          {
            "optionId": 4,
            "optionText": "Make an announcement to the market under listing rule 3.1 informing the market about the earnings surprise."
          }
        ]
      },
      {
        "question": "Which of the following statements are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The purpose of an announcement under rule 3.1 is to inform the market of information that a reasonable person would (or could) expect to have a material effect on the price or value of its securities."
          },
          {
            "optionId": 2,
            "optionText": "An entity should not use an announcement under rule 3.1 as a guise to publish material that is plainly not market sensitive but rather is promotional, political or tendentious in nature."
          },
          {
            "optionId": 3,
            "optionText": "If an entity lodges an announcement under rule 3.1 that ASX considers is plainly not market sensitive but rather is promotional, political or tendentious in nature, ASX may refuse to release the announcement to the market."
          },
          {
            "optionId": 4,
            "optionText": "If an entity lodges an announcement under rule 3.1 that ASX considers is plainly not market sensitive, ASX may issue a query letter to the entity asking it to identify which information in the announcement it considers to be market sensitive and why."
          }
        ]
      },
      {
        "question": "ASX detects abnormal trading in a listed entity’s securities. When ASX discusses the matter with the entity, the entity tells ASX that it is not aware of any information which has not been announced to the market and which could explain the abnormal trading. ASX issues a ‘price query letter’ to the entity. By when must the entity respond to the price query letter?",
        "feedback": "The entity must respond by the time specified by ASX in the price query letter.",
        "hint":"[Hint: This question relates to Module 1 Continuous disclosure.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Whenever it wants – these matters are not time-critical."
          },
          {
            "optionId": 2,
            "optionText": "Within two business days."
          },
          {
            "optionId": 3,
            "optionText": "Before the beginning of trading on the next trading day."
          },
          {
            "optionId": 4,
            "optionText": "By the time specified by ASX in the price query letter."
          }
        ]
      }
    ]
  },
  {
    "moduleName": "Periodic reporting",
    "questions": [
      {
        "question": "Under listing rules 4.7B and 4.7C, what is the deadline for a ‘commitments test’ entity to lodge its quarterly activity report and Appendix 4C quarterly cash flow report with ASX?",
        "feedback": "A ‘commitments test’ entity must lodge its quarterly activity report and Appendix 4C quarterly cash flow report with ASX by no later than one month after the end of the quarter.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Within two weeks of the end of the quarter."
          },
          {
            "optionId": 2,
            "optionText": "Within one month of the end of the quarter."
          },
          {
            "optionId": 3,
            "optionText": "Within six weeks of the end of the quarter."
          },
          {
            "optionId": 4,
            "optionText": "Within two months of the end of the quarter."
          }
        ]
      },
      {
        "question": "Under listing rules 5.3, 5.4 and 5.5, what is the deadline for a mining exploration entity or an oil and gas exploration entity to lodge its quarterly activity report and Appendix 5B quarterly cash flow report with ASX?",
        "feedback": "A mining exploration entity or an oil and gas exploration entity must lodge its quarterly activity report and Appendix 5B quarterly cash flow report with ASX by no later than one month after the end of the quarter.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Within two weeks of the end of the quarter."
          },
          {
            "optionId": 2,
            "optionText": "Within one month of the end of the quarter."
          },
          {
            "optionId": 3,
            "optionText": "Within six weeks of the end of the quarter."
          },
          {
            "optionId": 4,
            "optionText": "Within two months of the end of the quarter."
          }
        ]
      },
      {
        "question": "Under listing rules 4.2A.3 and 4.2B, what is the deadline for a listed entity that is not a mining exploration entity or an oil and gas exploration entity to lodge its Appendix 4D half year report with ASX? [Note: a mining exploration entity or an oil and gas exploration entity is not required to lodge an Appendix 4D half year report with ASX.]",
        "feedback": "A listed entity that is not a mining exploration entity or an oil and gas exploration entity must lodge its Appendix 4D half year report with ASX by no later than two months after the end of the half year.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Within one month of the end of the half year."
          },
          {
            "optionId": 2,
            "optionText": "Within two months of the end of the half year."
          },
          {
            "optionId": 3,
            "optionText": "Within 75 days of the end of the half year."
          },
          {
            "optionId": 4,
            "optionText": "Within three months of the end of the half year."
          }
        ]
      },
      {
        "question": "Under listing rules 4.2A and 4.2B, what is the deadline for a listed entity to lodge its audited or reviewed half year accounts with ASX?",
        "feedback": "A mining exploration entity or an oil and gas exploration entity must lodge its audited or reviewed half year accounts with ASX by no later than 75 days after the end of the half year. A listed entity that is not a mining exploration entity or an oil and gas exploration entity must lodge its audited or reviewed half year accounts with ASX by no later than two months after the end of the half year.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Within one month of the end of the half year."
          },
          {
            "optionId": 2,
            "optionText": "Within two months of the end of the half year."
          },
          {
            "optionId": 3,
            "optionText": "If it is a mining exploration entity or an oil and gas exploration entity, within 75 days of the end of the half year; otherwise, within two months of the end of the half year."
          },
          {
            "optionId": 4,
            "optionText": "Within three months of the end of the half year."
          }
        ]
      },
      {
        "question": "Under listing rules 4.3A and 4.3B, what is the deadline for a listed entity that is not a mining exploration entity or an oil and gas exploration entity to lodge its Appendix 4E preliminary final report with ASX? [Note: a mining exploration entity or an oil and gas exploration entity is not required to lodge an Appendix 4E preliminary final report with ASX.",
        "feedback": "A listed entity that is not a mining exploration entity or an oil and gas exploration entity must lodge its Appendix 4E preliminary final report with ASX by no later than two months after the end of its financial year.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Within one month of the end of its financial year."
          },
          {
            "optionId": 2,
            "optionText": "Within two months of the end of its financial year."
          },
          {
            "optionId": 3,
            "optionText": "Within three months of the end of its financial year."
          },
          {
            "optionId": 4,
            "optionText": "Within four months of the end of its financial year."
          }
        ]
      },
      {
        "question": "Under listing rule 4.5, what is the deadline for a listed entity to lodge its audited full year accounts with ASX?",
        "feedback": "A listed entity must lodge its audited full year accounts with ASX by no later than three months after the end of its financial year.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Within one month of the end of its financial year."
          },
          {
            "optionId": 2,
            "optionText": "Within two months of the end of its financial year."
          },
          {
            "optionId": 3,
            "optionText": "Within three months of the end of its financial year."
          },
          {
            "optionId": 4,
            "optionText": "Within four months of the end of its financial year."
          }
        ]
      },
      {
        "question": "Under listing rule 4.7, what is the deadline for a listed entity to lodge its annual report with ASX?",
        "feedback": "The correct responses are answers 3 and 4 above.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting. More than one answer is required.]",
        "correctAnswer": "3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Within two months of the end of its financial year."
          },
          {
            "optionId": 2,
            "optionText": "Within three months of the end of its financial year."
          },
          {
            "optionId": 3,
            "optionText": "In the case of an Australian entity, the last day for its annual report to be sent to security holders under section 315 of the Corporations Act (ie within 3 months after the end of its financial year if it is a registered managed investment scheme, and by the earlier of 4 months after the end of its financial year and 21 days before its next annual general meeting if it is not)."
          },
          {
            "optionId": 4,
            "optionText": "In the case of a foreign entity, the last day for its annual report to be sent to security holders under any law in its home jurisdiction equivalent to section 315 of the Corporations Act."
          }
        ]
      },
      {
        "question": "Under listing rule 17.5, if a listed entity fails to lodge a periodic financial report or annual report with ASX by the last day required under the listing rules (‘due date’), what happens?",
        "feedback": "Under listing rule 17.5, if a listed entity fails to lodge a periodic financial report with ASX by the due date required under the listing rules, ASX will automatically suspend quotation of the entity’s securities before market open on the next trading day after the due date without further warning.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "ASX will send the entity a written warning that the report is overdue and publish a copy of that warning to the market."
          },
          {
            "optionId": 2,
            "optionText": "ASX will automatically suspend quotation of the entity’s securities before market open on the next trading day after the due date without further warning."
          },
          {
            "optionId": 3,
            "optionText": "The entity will be given a one day grace period and then ASX will automatically suspend quotation of the entity’s securities before market open on the second trading day after the due date."
          },
          {
            "optionId": 4,
            "optionText": "The entity will be given a two day grace period and then ASX will automatically suspend quotation of the entity’s securities before market open on the third trading day after the due date."
          }
        ]
      },
      {
        "question": "A listed entity has lodged an Appendix 4E preliminary final report with unaudited accounts. In the course of auditing the entity’s accounts, the auditor has uncovered information that will result in the entity’ audited revenue being 5% lower than the unaudited revenue disclosed in the Appendix 4E. What should it do?",
        "feedback": "The correct response is answer 4 (make an announcement to the market under listing rule 4.3D).",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing – the market will be informed of the reduction in audited revenue in due course when the audited accounts are released to the market."
          },
          {
            "optionId": 2,
            "optionText": "Nothing – a 5% reduction in revenue is unlikely to have a material effect on the price or value of the entity’s securities for the purposes of listing rule 3.1 and so it doesn’t have to be announced to the market under that rule."
          },
          {
            "optionId": 3,
            "optionText": "Selectively brief its largest shareholders on the change in audited revenue so that it does not take them by surprise when the accounts are released to the market."
          },
          {
            "optionId": 4,
            "optionText": "Make an announcement to the market under listing rule 4.3D, which requires an entity to tell ASX immediately of any circumstances which are likely to affect the results or other information contained in its preliminary final report and to explain their effect on the entity’s current or future financial performance or financial position."
          }
        ]
      },
      {
        "question": "A listed entity is about to lodge its Appendix 4D half year report with ASX. Which of the following statements are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "An Appendix 4D half year report and the other documents required to be given to ASX under listing rule 4.2A in relation to a listed entity’s half year must be given to ASX at the same time and bundled together in a single PDF file and lodged as one announcement."
          },
          {
            "optionId": 2,
            "optionText": "The information identified as ‘Results for announcement to the market’ must be set out at the beginning of the half year announcement. This should include the amount of, and record date for, any dividend or a distribution being made for the period in question."
          },
          {
            "optionId": 3,
            "optionText": "A dividend or distribution on quoted securities will also need to be separately notified to ASX via an Appendix 3A.1 online form. That notification should be submitted to ASX after the Appendix 4D results announcement."
          },
          {
            "optionId": 4,
            "optionText": "Supplementary documentation related to a results announcement, such as media releases and analyst presentations, should not be bundled with the results announcement. These should be given to ASX in a separate lodgement after the lodgement of the Appendix 4D and Appendix 3A.1 (if applicable)."
          }
        ]
      },
      {
        "question": "A listed entity is about to lodge its Appendix 4E preliminary final report with ASX. Which of the following statements are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The Appendix 4E must be clearly identified on the first page or any covering page of the announcement as a preliminary final report given to ASX under listing rule 4.3A. Where the entity has prepared several documents which together satisfy the reporting requirements in that rule, the documents should be bundled together in a single PDF file and lodged as one announcement."
          },
          {
            "optionId": 2,
            "optionText": "The information identified as ‘Results for announcement to the market’ must be set out at the beginning of the announcement. This should include the amount of, and record date for, any dividend or a distribution being made for the period in question."
          },
          {
            "optionId": 3,
            "optionText": "A dividend or distribution on quoted securities will also need to be separately notified to ASX via an Appendix 3A.1 online form. That notification should be submitted to ASX after the Appendix 4E results announcement."
          },
          {
            "optionId": 4,
            "optionText": "Supplementary documentation related to a results announcement, such as media releases and analyst presentations, should not be bundled with the results announcement. These should be given to ASX in a separate lodgement after the lodgement of the Appendix 4E and Appendix 3A.1 (if applicable)."
          }
        ]
      },
      {
        "question": "Listing rule 4.10 requires a listed entity’s annual report to include (among other things) information, about: (1) its 20 largest security holders; (2) substantial holders of its securities; and (3) the distribution of its securities. This information must be current at a date specified by the entity which is after its balance date but not more than how many weeks before the annual report is given to ASX?",
        "feedback": "This information must be current at a date that is not more than six weeks before the annual report is given to ASX.",
        "hint":"[Hint: This question relates to Module 2 Periodic reporting.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Two weeks."
          },
          {
            "optionId": 2,
            "optionText": "Four weeks."
          },
          {
            "optionId": 3,
            "optionText": "Six weeks."
          },
          {
            "optionId": 4,
            "optionText": "Twelve weeks."
          }
        ]
      }
    ]
  },
  {
    "moduleName": "Issues of equity securities",
    "questions": [
      {
        "question": "Listing rule 7.1 limits the aggregate number of equity securities a listed entity can issue over any 12 month period without security holder approval to what percentage of its fully paid ordinary issued capital?",
        "feedback": "The correct response is 15%.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "5%"
          },
          {
            "optionId": 2,
            "optionText": "10%"
          },
          {
            "optionId": 3,
            "optionText": "15%"
          },
          {
            "optionId": 4,
            "optionText": "20%"
          }
        ]
      },
      {
        "question": "Where applicable, listing rule 7.1A increases a listed entity’s placement capacity by what additional percentage of its fully paid ordinary issued capital, over and above the 15% limit provided for in listing rule 7.1?",
        "feedback": "The correct response is 10%.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "5%"
          },
          {
            "optionId": 2,
            "optionText": "10%"
          },
          {
            "optionId": 3,
            "optionText": "15%"
          },
          {
            "optionId": 4,
            "optionText": "20%"
          }
        ]
      },
      {
        "question": "What conditions must a listed entity satisfy to have the extra 10% placement capacity provided for in listing rule 7.1A?",
        "feedback": "The entity must satisfy all four conditions set out above.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The entity must be an ‘eligible entity’ (ie an entity with a market capitalisation of less than $300 million and which is not included in the S&P/ASX 300 Index) as at the date of the AGM at which it receives a 7.1A mandate."
          },
          {
            "optionId": 2,
            "optionText": "The entity must be issuing securities in an existing class of quoted securities."
          },
          {
            "optionId": 3,
            "optionText": "The consideration for the issue must be a cash amount not less than the minimum issue price prescribed in the listing rules."
          },
          {
            "optionId": 4,
            "optionText": "The entity must have a current ‘7.1A mandate’ (ie a special resolution passed at its last annual general meeting that it should have the additional capacity to issue securities provided for in listing rule 7.1A)."
          }
        ]
      },
      {
        "question": "Which of the following events will cause a listing rule 7.1A mandate to expire?",
        "feedback": "The correct responses are answers 1, 2 and 3 above.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "12 months have passed since the date of the annual general meeting (‘AGM’) at which the mandate was approved without the mandate being renewed."
          },
          {
            "optionId": 2,
            "optionText": "The entity has an AGM and the mandate is not renewed at that AGM."
          },
          {
            "optionId": 3,
            "optionText": "The entity receives security holder approval for a transaction under listing rule 11.1.2 (significant change to nature or scale of activities) or 11.2 (disposal of main undertaking)."
          },
          {
            "optionId": 4,
            "optionText": "The entity receives security holder approval under listing rule 10.1 to issue equity securities to a person in a position of influence."
          }
        ]
      },
      {
        "question": "Under listing rule 7.2, which of the following issues of equity securities by a listed entity are exceptions to, and therefore do not require security holder approval under, listing rule 7.1?",
        "feedback": "All of the transactions listed above fall within the exceptions to listing rule 7.1 set out in listing rule 7.2.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required. Please note that there are also some additional exceptions in listing rule 7.2 not covered in the answers above.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "An issue of securities to holders of ordinary securities made under a pro rata issue."
          },
          {
            "optionId": 2,
            "optionText": "An issue of securities under a dividend or distribution plan that meets the requirements set out in the relevant exception."
          },
          {
            "optionId": 3,
            "optionText": "An issue of securities under a security purchase plan that meets the requirements set out in the relevant exception."
          },
          {
            "optionId": 4,
            "optionText": "An issue of securities under, or to fund the cash consideration payable under, a takeover bid or under a merger by way of scheme of arrangement under Part 5.1 of the Corporations Act, provided the transaction is not a ‘reverse takeover’ (as defined in listing rule 19.12)."
          }
        ]
      },
      {
        "question": "What information must be included in a notice of meeting seeking security holder approval for an issue of securities under listing rule 7.1?",
        "feedback": "The correct responses are answers 1, 2 and 3 above.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A summary of listing rule 7.1 and what will happen if security holders give, or do not give, the approval sought under that rule (listing rule 14.1A), including an explanation of the effect passing the resolution will have on the entity’s ongoing capacity to issue equity securities without security holder approval under listing rule 7.1."
          },
          {
            "optionId": 2,
            "optionText": "The information set out in listing rules 7.3.1 to 7.3.8"
          },
          {
            "optionId": 3,
            "optionText": "A voting exclusion statement (listing rule 7.3.9)."
          },
          {
            "optionId": 4,
            "optionText": "An independent expert’s report opining on whether the issue is fair and reasonable to security holders not participating in the issue."
          }
        ]
      },
      {
        "question": "What information must an eligible listed entity include in the notice for its annual general meeting if it wants to have the extra 10% placement capacity provided for in listing rule 7.1A?",
        "feedback": "The correct responses are answers 1, 2 and 3 above.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A summary of listing rule 7.1A and what will happen if security holders give, or do not give, the mandate sought under that rule (listing rule 14.1A).."
          },
          {
            "optionId": 2,
            "optionText": "The information set out in listing rules 7.3A.1 to 7.3A.6."
          },
          {
            "optionId": 3,
            "optionText": "If at the time of dispatching the notice the entity is proposing to make an issue of equity securities under listing rule 7.1A.2, a voting exclusion statement (listing rule 7.3A.7)."
          },
          {
            "optionId": 4,
            "optionText": "An independent expert’s report opining on whether it is fair and reasonable to the current holders of the entity’s ordinary securities that the entity have the extra 10% placement capacity provided for in listing rule 7.1A."
          }
        ]
      },
      {
        "question": "A listed entity has sought and obtained security holder approval of an issue of equity securities under listing rule 7.1. Under listing rule 7.3.4, the entity must complete the issue by when?",
        "feedback": "The correct responses are answers 1, 2 and 3 above",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "If the securities are being issued under, or to fund, a reverse takeover, no later than 6 months after the date of the meeting granting that approval."
          },
          {
            "optionId": 2,
            "optionText": "If court approval of a reorganisation of capital is required before the issue, no later than 3 months after the date of the court approval."
          },
          {
            "optionId": 3,
            "optionText": "If neither 1 nor 2 above apply, no later than three months after the date of the meeting granting that approval."
          },
          {
            "optionId": 4,
            "optionText": "If 1 above does not apply, no later than one month after the date of the meeting granting that approval."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to make a placement of equity securities that must be notified to ASX under listing rule 3.10.3. The placement does not fall within any of the exceptions in listing rule 7.2. Which of the following statements are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The notification to ASX must be in the form of, or accompanied by, an online Appendix 3B Announcement of Proposed Issue of Securities."
          },
          {
            "optionId": 2,
            "optionText": "If the entity indicates in the Appendix 3B that some of the securities are proposed to be issued without security holder approval using the entity’s 15% placement capacity under listing rule 7.1, it will be asked how many securities are being issued using that capacity and to separately send to the entity’s listings adviser a completed work sheet in the form of Annexure B to Guidance Note 21 confirming that the entity has the available capacity under listing rule 7.1 to issue that number of securities."
          },
          {
            "optionId": 3,
            "optionText": "If the entity indicates in the Appendix 3B that some of the securities are proposed to be issued without security holder approval using the entity’s additional 10% placement capacity under listing rule 7.1A, it will be asked how many securities are being issued using that capacity and to separately send to the entity’s listings adviser a completed work sheet in the form of Annexure C to Guidance Note 21 confirming that the entity has the available capacity under listing rule 7.1A to issue that number of securities."
          },
          {
            "optionId": 4,
            "optionText": "The Annexure B and Annexure C work sheets can be downloaded from the ‘ASX Compliance Downloads’ page on the ASX website."
          }
        ]
      },
      {
        "question": "A listed company had 1 million ordinary shares on issue 12 months ago. It has not issued any equity securities during the intervening 12 months apart from 100,000 ordinary shares issued in a placement that did not fall within any of the exceptions in listing rule 7.2. It has a market capitalisation of more than $300 million and therefore is not eligible for the extra 10% placement capacity in rule 7.1A. What remains of the entity’s 15% placement capacity under listing rule 7.1?",
        "feedback": "The correct response is 50,000 ordinary shares: (1,000,000 x 15%) – 100,000.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "250,000 ordinary shares."
          },
          {
            "optionId": 2,
            "optionText": "190,000 ordinary shares."
          },
          {
            "optionId": 3,
            "optionText": "150,000 ordinary shares."
          },
          {
            "optionId": 4,
            "optionText": "50,000 ordinary shares."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to have an agreement to issue equity securities ratified by its security holders under listing rule 7.4. Which of the following statements are true?",
        "feedback": "The correct responses are answers 2 and 4 above.",
        "hint" : "[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "2,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The agreement can be ratified under listing rule 7.4 regardless of the number of securities the entity has agreed to issue under the agreement."
          },
          {
            "optionId": 2,
            "optionText": "The agreement can only be ratified under listing rule 7.4 if it did not breach listing rule 7.1 when it was entered into."
          },
          {
            "optionId": 3,
            "optionText": "Once the agreement is ratified, the securities can be issued at any time"
          },
          {
            "optionId": 4,
            "optionText": "Under listing rule 7.5.4, the securities must be issued by no later than 3 months after the date of the meeting at which the resolution under listing rule 7.4 is passed."
          }
        ]
      },
      {
        "question": "What material must be included in a notice of meeting seeking security holder approval for an issue of securities under listing rule 7.4?",
        "feedback": "The correct responses are answers 1, 2 and 3 above.",
        "hint" : "[Hint: This question relates to Module 3 Issuing equity securities. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A summary of listing rule 7.4 and what will happen if security holders give, or do not give, the approval sought under that rule (listing rule 14.1A), including an explanation of the effect passing the resolution will have on the entity’s ongoing capacity to issue equity securities without security holder approval under listing rule 7.1."
          },
          {
            "optionId": 2,
            "optionText": "The information set out in listing rules 7.5.1 to 7.5.7."
          },
          {
            "optionId": 3,
            "optionText": "A voting exclusion statement (listing rule 7.5.8)."
          },
          {
            "optionId": 4,
            "optionText": "An independent expert’s report opining on whether the issue is fair and reasonable to security holders not participating in the issue."
          }
        ]
      },
      {
        "question": "Listing rule 7.6 provides that, subject to the exceptions set out in that rule, a listed entity must not, without security holder approval, issue or agree to issue equity securities for how many months after it is told in writing by the holders of the majority of its ordinary securities that they intend to call or requisition a general meeting to spill the board?",
        "feedback": "The correct response is two months.",
        "hint":"[Hint: This question relates to Module 3 Issuing equity securities.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One month."
          },
          {
            "optionId": 2,
            "optionText": "Two months."
          },
          {
            "optionId": 3,
            "optionText": "Three months."
          },
          {
            "optionId": 4,
            "optionText": "Four months."
          }
        ]
      },
      {
        "question": "Listing rule 7.9 provides that, subject to the exceptions set out in that rule, a listed entity must not, without security holder approval, issue or agree to issue equity securities for how many months after it is told in writing that a person is making, or proposes to make, a takeover for its securities?",
        "feedback": "The correct response is three months.",
        "hint": "[Hint: This question relates to Module 3 Issuing equity securities.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One month."
          },
          {
            "optionId": 2,
            "optionText": "Two months."
          },
          {
            "optionId": 3,
            "optionText": "Three months."
          },
          {
            "optionId": 4,
            "optionText": "Four months."
          }
        ]
      }
    ]
  },
  {
    "moduleName": "Transactions with persons in a position of influence",
    "questions": [
      {
        "question": "A listed entity is proposing to buy or sell a substantial asset (as defined in listing rule 10.2). Unless an exception in listing rule 10.3 applies, the transaction will require security holder approval under listing rule 10.1 if the counterparty to the transaction is … ?",
        "feedback": "Listing rule 10.1 requires security holder approval of the purchase or sale of a substantial asset by a listed entity if the counterparty to the transaction falls within one of the first five categories mentioned above. ",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3,4,5",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A related party of the entity."
          },
          {
            "optionId": 2,
            "optionText": "A child entity of the entity (other than one that is wholly owned by the listed entity)."
          },
          {
            "optionId": 3,
            "optionText": "A person who is, or was at any time in the 6 months before the sale, a substantial (10%+) holder in the entity."
          },
          {
            "optionId": 4,
            "optionText": "An associate of a person referred to in 1 – 3 above."
          },
          {
            "optionId": 5,
            "optionText": "A person whose relationship to the entity or a person referred to in 1 – 4 above is such that, in ASX’s opinion, the transaction should be approved by security holders."
          },
          {
            "optionId": 6,
            "optionText": "A financial adviser to the entity who does not fall within any of the categories referred to in 1 – 5 above."
          }
        ]
      },
      {
        "question": "Under listing rule 10.2, an asset is a ‘substantial asset’ for the purposes of listing rule 10.1 if its value or the value of the consideration being paid or received for it is, or in ASX’s opinion is, what percentage or more of the equity interests of a listed entity (as set out in the latest accounts given to ASX under the listing rules)?",
        "feedback": "The correct response is 5%.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "5%"
          },
          {
            "optionId": 2,
            "optionText": "10%"
          },
          {
            "optionId": 3,
            "optionText": "15%"
          },
          {
            "optionId": 4,
            "optionText": "25%"
          }
        ]
      },
      {
        "question": "Under listing rule 10.3, which of the following transactions by a listed entity are exceptions to, and therefore do not require security holder approval under, listing rule 10.1?",
        "feedback": "All of the transactions listed above fall within the exceptions to listing rule 10.1 set out in listing rule 10.3. There are also some additional exceptions in listing rule 10.3 not covered in the question above.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required. Please note that there are also some additional exceptions in listing rule 10.3 not covered in the answers above.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A transaction between the entity and a wholly owned child entity or between wholly owned child entities of the listed entity."
          },
          {
            "optionId": 2,
            "optionText": "A transaction between the constituent members of a stapled group and their wholly owned child entities."
          },
          {
            "optionId": 3,
            "optionText": "An issue of securities by the entity for cash (these are regulated by listing rule 10.11 instead)."
          },
          {
            "optionId": 4,
            "optionText": "A transaction between the entity and a person who would not otherwise be a related party but for the fact that they believe, or have reasonable grounds to believe, that they are likely to become a related party in the future because of the transaction."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to buy or sell a substantial asset in circumstances that require security holder approval under listing rule 10.1. What material must be included in the notice of meeting seeking that approval?",
        "feedback": "The notice must include all of the matters mentioned above.",
        "hint": "[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A summary of listing rule 10.1 and what will happen if security holders give, or do not give, the approval sought under that rule (listing rule 14.1A)."
          },
          {
            "optionId": 2,
            "optionText": "The information set out in listing rules 10.5.1 to 10.5.8."
          },
          {
            "optionId": 3,
            "optionText": "A voting exclusion statement (listing rule 10.5.9)."
          },
          {
            "optionId": 4,
            "optionText": "An independent expert’s report opining on whether the transaction is fair and reasonable to security holders to whom the voting exclusion statement does not apply (listing rules 10.5.10 and 10.6)."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to issue equity securities. Unless an exception in listing rule 10.12 applies, the proposed issue will require security holder approval under listing rule 10.11 if the person to whom the securities are proposed to be issued is … ?",
        "feedback": "Listing rule 10.11 will require security holder approval of the issue if the person to whom the equity securities are proposed to be issued falls within one of the first five categories mentioned above.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3,4,5",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A related party of the entity."
          },
          {
            "optionId": 2,
            "optionText": "A person who is, or was at any time in the 6 months before the issue or agreement, a substantial (30%+) holder in the entity."
          },
          {
            "optionId": 3,
            "optionText": "A person who is, or was at any time in the 6 months before the issue or agreement, a substantial (10%+) holder in the entity and who has nominated a director pursuant to a relevant agreement which gives them a right or expectation to do so."
          },
          {
            "optionId": 4,
            "optionText": "An associate of a person referred to in 1 – 3 above."
          },
          {
            "optionId": 5,
            "optionText": "A person whose relationship to the entity or a person referred to in 1 – 4 above is such that, in ASX’s opinion, the issue should be approved by security holders."
          },
          {
            "optionId": 6,
            "optionText": "A financial adviser to the entity who does not fall within any of the categories referred to in 1 – 5 above."
          }
        ]
      },
      {
        "question": "Under listing rule 10.12, which of the following issues of equity securities by a listed entity are exceptions to, and therefore do not require security holder approval under, listing rule 10.11?",
        "feedback": "All of the transactions listed above fall within the exceptions to listing rule 10.11 set out in listing rule 10.12. There are also some additional exceptions in listing rule 10.12 not covered in the question above.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required. Please note that there are also some additional exceptions in listing rule 10.12 not covered in the answers above.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "An issue of securities to holders of ordinary securities made under a pro rata issue."
          },
          {
            "optionId": 2,
            "optionText": "An issue of securities under a dividend or distribution plan that meets the requirements set out in the relevant exception."
          },
          {
            "optionId": 3,
            "optionText": "An issue of securities under a security purchase plan that meets the requirements set out in the relevant exception."
          },
          {
            "optionId": 4,
            "optionText": "An issue of securities under a takeover bid or under a merger by way of scheme of arrangement under Part 5.1 of the Corporations Act."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to issue equity securities in circumstances that require security holder approval under listing rule 10.11. What material must be included in the notice of meeting seeking that approval?",
        "feedback": "The notice must include the matters mentioned in 1, 2, and 3 above.",
        "hint": "[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A summary of listing rule 10.11 and what will happen if security holders give, or do not give, the approval sought under that rule (listing rule 14.1A)."
          },
          {
            "optionId": 2,
            "optionText": "The information set out in listing rules 10.13.1 to 10.13.9."
          },
          {
            "optionId": 3,
            "optionText": "A voting exclusion statement (listing rule 10.13.10)."
          },
          {
            "optionId": 4,
            "optionText": "An independent expert’s report opining on whether the issue is fair and reasonable to security holders not participating in the issue."
          }
        ]
      },
      {
        "question": "A listed entity has sought and obtained security holder approval of an issue of equity securities under listing rule 10.11. To comply with listing rule 10.13.5, how long after the date of the meeting granting that approval does the entity have to complete the issue?",
        "feedback": "The correct response is one month.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One month."
          },
          {
            "optionId": 2,
            "optionText": "Two months."
          },
          {
            "optionId": 3,
            "optionText": "Three months."
          },
          {
            "optionId": 4,
            "optionText": "Six months."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to issue equity securities under an employee incentive scheme. Unless an exception in listing rule 10.16 applies, the issue will require security holder approval under listing rule 10.14 if the person to whom the securities are proposed to be issued is … ?",
        "feedback": "Listing rule 10.14 will require security holder approval of the issue if the person to whom the equity securities are proposed to be issued falls within one of the first three categories mentioned above.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A director."
          },
          {
            "optionId": 2,
            "optionText": "An associate of a director."
          },
          {
            "optionId": 3,
            "optionText": "A person whose relationship with the entity or a person referred to in 1 or 2 above is such that, in ASX’s opinion, the acquisition should be approved by security holders."
          },
          {
            "optionId": 4,
            "optionText": "A financial adviser to the entity who does not fall within any of the categories referred to in 1 – 3 above."
          }
        ]
      },
      {
        "question": "Under listing rule 10.16, which of the following issues of equity securities by a listed entity are exceptions to, and therefore do not require security holder approval under, listing rule 10.14?",
        "feedback": "All of the transactions listed above fall within the exceptions to listing rule 10.14 set out in listing rule 10.16.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Securities purchased on-market by or on behalf of directors or their associates under an employee incentive scheme where the terms of the scheme permit such purchases."
          },
          {
            "optionId": 2,
            "optionText": "The grant of options or other rights to acquire securities to directors or their associates under an employee incentive scheme, where the securities to be acquired on the exercise of the options or in satisfaction of the rights are required by the terms of the scheme to be purchased on-market."
          },
          {
            "optionId": 3,
            "optionText": "An issue of securities pursuant to the exercise of an option or in satisfaction of a right to acquire such securities granted to a director or an associate of a director under an employee incentive scheme where the entity issued the option or right before it was listed and disclosed certain information in relation to the option or right in the prospectus, PDS or information memorandum lodged in connection with its listing."
          },
          {
            "optionId": 4,
            "optionText": "An issue of securities pursuant to the exercise of an option or in satisfaction of a right to acquire such securities granted to a director or an associate of a director under an employee incentive scheme where the entity issued the option or right after it was listed and with the approval of the holders of its ordinary securities under listing rule 10.14."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to issue equity securities under an employee incentive scheme in circumstances that require security holder approval under listing rule 10.14. What material must be included in the notice of meeting seeking that approval?",
        "feedback": "The notice must include the matters mentioned in 1, 2 and 3 above.",
        "hint": "[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A summary of listing rule 10.14 and what will happen if security holders give, or do not give, the approval sought under that rule (listing rule 14.1A)."
          },
          {
            "optionId": 2,
            "optionText": "The information set out in listing rules 10.15.1 to 10.15.11."
          },
          {
            "optionId": 3,
            "optionText": "A voting exclusion statement (listing rule 10.15.12)."
          },
          {
            "optionId": 4,
            "optionText": "An independent expert’s report opining on whether the issue is fair and reasonable to security holders not participating in the issue."
          }
        ]
      },
      {
        "question": "Under listing rule 10.17, a listed entity must seek the approval of security holders to increase the total aggregate amount of directors’ fees payable to all of its non-executive directors. What information must be included in the notice of meeting?",
        "feedback": "All of the information set out above must be included in the notice of meeting.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The amount of the increase."
          },
          {
            "optionId": 2,
            "optionText": "The maximum aggregate amount of directors’ fees that may be paid to all of the entity’s non-executive directors;"
          },
          {
            "optionId": 3,
            "optionText": "Details of any securities issued to a non-executive director under listing rule 10.11 or 10.14 with the approval of the entity’s security holders at any time within the preceding three years."
          },
          {
            "optionId": 4,
            "optionText": "A voting exclusion statement."
          }
        ]
      },
      {
        "question": "Under listing rule 10.19, a listed entity must seek the approval of security holders to pay termination benefits to its officers if the total termination benefits payable to all of its officers exceed what percentage of the equity interests of the entity (as set out in the latest accounts given to ASX under the listing rules)?",
        "feedback": "The response answer is 5%.",
        "hint":"[Hint: This question relates to Module 4 Transactions with persons in a position of influence.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "5%"
          },
          {
            "optionId": 2,
            "optionText": "10%"
          },
          {
            "optionId": 3,
            "optionText": "15%"
          },
          {
            "optionId": 4,
            "optionText": "25%"
          }
        ]
      }
    ]
  },
  {
    "moduleName": "Significant transactions",
    "questions": [
      {
        "question": "Under listing rule 11.1, a listed entity must provide full details to ASX as soon as practicable of a proposed significant change to what?",
        "feedback": "The correct responses are answers 1 and 2 above.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions. More than one answer is required.]",
        "correctAnswer": "1,2",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The nature of its activities"
          },
          {
            "optionId": 2,
            "optionText": "The scale of its activities"
          },
          {
            "optionId": 3,
            "optionText": "The number of its employees"
          },
          {
            "optionId": 4,
            "optionText": "Its carbon footprint"
          }
        ]
      },
      {
        "question": "A proposal to do which of the following would generally be considered a significant change to the nature of a listed entity’s activities and therefore require notification to ASX under listing rule 11.1?",
        "feedback": "The correct responses are answers 1 and 2 above.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions. More than one answer is required.]",
        "correctAnswer": "1,2",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A mining exploration entity switching its main business activity to information technology or bio-technology."
          },
          {
            "optionId": 2,
            "optionText": "A mining exploration entity switching its main business activity to exploring for oil and gas"
          },
          {
            "optionId": 3,
            "optionText": "A mining exploration entity currently exploring for one type of mineral on a tenement exploring for a different type of mineral on the same tenement."
          },
          {
            "optionId": 4,
            "optionText": "A mining exploration entity that is successful in its exploration endeavors consequently becoming a mining producing entity."
          }
        ]
      },
      {
        "question": "ASX has given guidance in Guidance Note 12 Significant Changes to Activities on what is a ‘significant change’ to the scale of a listed entity’s activities by reference to the following four financial measures: (1) consolidated total assets; (2) consolidated annual revenue or, in the case of a mining exploration entity, oil and gas exploration entity or other entity that is not earning material revenue from operations, consolidated annual expenditure; (3) consolidated EBITDA; (4) consolidated annual profit before tax. What percentage change in one or more of the financial measures above does ASX regard as ‘significant’ for the purposes of listing rule 11.1?",
        "feedback": "The correct response is 25%.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "5%"
          },
          {
            "optionId": 2,
            "optionText": "10%"
          },
          {
            "optionId": 3,
            "optionText": "15%"
          },
          {
            "optionId": 4,
            "optionText": "25%"
          }
        ]
      },
      {
        "question": "Guidance Note 12 Significant Changes to Activities sets out ASX’s policy on the application of listing rules 11.1.2 and 11.1.3 to back door listings. Which of the following statements about that guidance are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One of the defining characteristics of a back door listing is that it involves a significant change to the scale of the activities of the listed entity involved in the transaction."
          },
          {
            "optionId": 2,
            "optionText": "A back door listing triggers ASX’s discretion under listing rule 11.1.2 to require the transaction to be approved by the entity’s security holders."
          },
          {
            "optionId": 3,
            "optionText": "A back door listing triggers ASX’s discretion under listing rule 11.1.3 to require the entity to re-comply with the admission and quotation requirements in chapters 1 and 2 of the listing rules."
          },
          {
            "optionId": 4,
            "optionText": "ASX will invariably exercise both of its listing rule 11.1.2 and 11.1.3 discretions in relation to any transaction that ASX considers to be a back door listing."
          }
        ]
      },
      {
        "question": "A listed entity has facilitated a back door listing of entity A. Within two weeks of completing the acquisition of entity A and being re-admitted to the official list, the listed entity announces a significant acquisition of entity B. It is obvious that the listed entity was working on the acquisition of entity B while it was going through the process of re-admission to the official list but the prospectus it lodged in connection with its re-admission made no mention of entity B. What is ASX likely to do?",
        "feedback": "The correct responses are answers 3 and 4 above.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions. More than one answer is required.]",
        "correctAnswer": "3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing."
          },
          {
            "optionId": 2,
            "optionText": "Issue a warning letter to the listed entity about a possible breach of prospectus laws."
          },
          {
            "optionId": 3,
            "optionText": "Exercise its discretions under listing rules 11.1.2 and 11.1.3 to require the listed entity to seek security holder approval of the acquisition of entity B and to re-comply with ASX’s admission and quotation requirements."
          },
          {
            "optionId": 4,
            "optionText": "Suspend the quotation of the listed entity’s securities under listing rule 11.3 until the requirements mentioned in 3 above have been satisfied."
          }
        ]
      },
      {
        "question": "Listing rule 11.2 requires security holder approval for what type of transaction by a listed entity?",
        "feedback": "The correct answer is a disposal of its main undertaking.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A back door listing."
          },
          {
            "optionId": 2,
            "optionText": "A significant acquisition."
          },
          {
            "optionId": 3,
            "optionText": "A disposal of a subsidiary."
          },
          {
            "optionId": 4,
            "optionText": "A disposal of its main undertaking."
          }
        ]
      },
      {
        "question": "ASX has given guidance in Guidance Note 12 Significant Changes to Activities on how it determines what is a listed entity’s ‘main undertaking’ by reference to the following four financial measures: (1) consolidated total assets; (2) consolidated annual revenue or, in the case of a mining exploration entity, oil and gas exploration entity or other entity that is not earning material revenue from operations, consolidated annual expenditure; (3) consolidated EBITDA; (4) consolidated annual profit before tax. Which of the following statements about that guidance are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "ASX generally applies a 50% ‘rule of thumb’ in assessing whether a business constitutes the main undertaking of a listed entity."
          },
          {
            "optionId": 2,
            "optionText": "If a business accounts for more than 50% of all four of the financial measures above, ASX considers that to be reasonably compelling evidence that the business is its main undertaking."
          },
          {
            "optionId": 3,
            "optionText": "If a business accounts for less than 50% of all four of the financial measures above, ASX considers that to be reasonably compelling evidence that the business is not its main undertaking."
          },
          {
            "optionId": 4,
            "optionText": "If a business accounts for more than 50% of one or more of the financial measures above but not all of them, then ASX will examine the situation more closely to determine whether or not the business should be regarded as the entity’s main undertaking."
          }
        ]
      },
      {
        "question": "Without prior discussion with ASX, a listed entity announces that it will be engaging in a back door listing transaction. The announcement does not mention that ASX will likely require the entity to seek security holder approval of the transaction and to re-comply with ASX’s admission and quotation requirements under listing rules 11.1.2 and 11.1.3. What is likely to happen?",
        "feedback": "The correct response is answer 3 above.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing."
          },
          {
            "optionId": 2,
            "optionText": "ASX will ask the entity to request a trading halt pending the release of a corrective announcement acceptable to ASX addressing the application of listing rules 11.1.2 and 11.1.3."
          },
          {
            "optionId": 3,
            "optionText": "The entity’s securities will be suspended from quotation (either at its request or at the instigation of ASX) until it has made a corrective announcement acceptable to ASX addressing the application of listing rules 11.1.2 and 11.1.3 and it has complied with the steps outlined in section 2.10 of Guidance Note 12 Significant Changes to Activities."
          },
          {
            "optionId": 4,
            "optionText": "ASX will refer the entity to ASIC for prosecution for making a misleading announcement."
          }
        ]
      },
      {
        "question": "What fee does ASX charge a listed entity for reviewing a draft notice of meeting proposing a resolution of security holders approving a back door listing transaction under listing rule 11.1.2?",
        "feedback": "The correct answer is $10,000 (plus GST).",
        "hint":"[Hint: This question relates to Module 5 Significant transactions.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "$5,000 (plus GST)."
          },
          {
            "optionId": 2,
            "optionText": "$10,000 (plus GST)."
          },
          {
            "optionId": 3,
            "optionText": "$15,000 (plus GST)."
          },
          {
            "optionId": 4,
            "optionText": "$20,000 (plus GST)."
          }
        ]
      },
      {
        "question": "A listed entity is proposing to spin out an asset into a new vehicle and to offer securities in the new vehicle to its security holders. Under listing rule 11.4, the transaction will require security holder approval if which of the following conditions are met?",
        "feedback": "All four conditions above must be met for the spin out to require security holder approval under listing rule 11.4.",
        "hint":"[Hint: This question relates to Module 5 Significant transactions. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The new vehicle is intended to be listed on ASX or another exchange."
          },
          {
            "optionId": 2,
            "optionText": "The asset being spun out is a ‘major asset’."
          },
          {
            "optionId": 3,
            "optionText": "The securities are not being offered to the entity’s security holders on a pro rata basis."
          },
          {
            "optionId": 4,
            "optionText": "ASX does not consider that the way in which the securities are being offered to the entity’s security holders is fair in all the circumstances."
          }
        ]
      }
    ]
  },
  {
    "moduleName": "Corporate governance disclosures",
    "questions": [
      {
        "question": "What is the current edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations?",
        "feedback": "The current edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations is the fourth edition published in 2019.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The first edition published 2003."
          },
          {
            "optionId": 2,
            "optionText": "The second edition published 2007."
          },
          {
            "optionId": 3,
            "optionText": "The third edition published 2014."
          },
          {
            "optionId": 4,
            "optionText": "The fourth edition published 2019."
          }
        ]
      },
      {
        "question": "The ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations are built upon how many stated core principles?",
        "feedback": "There are eight (8) core principles of corporate governance set out in the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations. They are: (1)A listed entity should clearly delineate the respective roles and responsibilities of its board and management and regularly review their performance. (2) The board of a listed entity should be of an appropriate size and collectively have the skills, commitment and knowledge of the entity and the industry in which it operates, to enable it to discharge its duties effectively and to add value. (3) A listed entity should instil and continually reinforce a culture across the organisation of acting lawfully, ethically and responsibly.(4)A listed entity should have appropriate processes to verify the integrity of its corporate reports. (5) A listed entity should make timely and balanced disclosure of all matters concerning it that a reasonable person would expect to have a material effect on the price or value of its securities. (6) A listed entity should provide its security holders with appropriate information and facilities to allow them to exercise their rights as security holders effectively.(7) A listed entity should establish a sound risk management framework and periodically review the effectiveness of that framework.(8) A listed entity should pay director remuneration sufficient to attract and retain high quality directors and design its executive remuneration to attract, retain and motivate high quality senior executives and to align their interests with the creation of value for security holders and with the entity’s values and risk appetite.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Six (6)."
          },
          {
            "optionId": 2,
            "optionText": "Seven (7)."
          },
          {
            "optionId": 3,
            "optionText": "Eight (8)."
          },
          {
            "optionId": 4,
            "optionText": "Nine (9)."
          }
        ]
      },
      {
        "question": "Under listing rule 4.10.3 a listed entity is required to report the extent to which it complies with the ASX Corporate Governance Council’s … ?",
        "feedback": "Under listing rule 4.10.3, a listed entity is only required to report the extent to which it complies with the 38 recommendations in the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations. It is not required to report against the 8 principles, or the commentary on the principles and recommendations, in the Corporate Governance Principles and Recommendations.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Principles."
          },
          {
            "optionId": 2,
            "optionText": "Recommendations."
          },
          {
            "optionId": 3,
            "optionText": "Commentary."
          },
          {
            "optionId": 4,
            "optionText": "Principles, recommendations and commentary."
          }
        ]
      },
      {
        "question": "Because it requires a listed entity to compare its corporate governance practices to the ASX Corporate Governance Council’s recommendations and, where they do not conform, to disclose that fact and the reasons why, listing rule 4.10.3 is usually referred to as the … ?",
        "feedback": "Listing rule 4.10.3 is usually referred to as the ‘If not, why not’ reporting requirement.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "‘Don’t ask, don’t tell’ reporting requirement."
          },
          {
            "optionId": 2,
            "optionText": "‘Fact versus fiction’ reporting requirement."
          },
          {
            "optionId": 3,
            "optionText": "‘Damned if you do, damned if you don’t’ reporting requirement."
          },
          {
            "optionId": 4,
            "optionText": "‘If not, why not’ reporting requirement."
          }
        ]
      },
      {
        "question": "Which of the following statements about a listed entity’s corporate governance statement are true?",
        "feedback": "All four statements above about a listed entity’s corporate governance statement are true.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "It sets out the extent to which an entity has followed the recommendations of the ASX Corporate Governance Council during a particular reporting period."
          },
          {
            "optionId": 2,
            "optionText": "It must specify the date at which it is current."
          },
          {
            "optionId": 3,
            "optionText": "It must be included in, or given to ASX at the same time as, the entity’s annual report."
          },
          {
            "optionId": 4,
            "optionText": "It must state that it has been approved by the board."
          }
        ]
      },
      {
        "question": "Which of the following statements about a listed entity’s Appendix 4G are true?",
        "feedback": "The correct responses are answers 1, 3 and 4 above.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures. More than one answer is required.]",
        "correctAnswer": "1,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A listed entity must give ASX a completed Appendix 4G at the same time as it gives ASX its annual report."
          },
          {
            "optionId": 2,
            "optionText": "Appendix 4G is the prescribed form a listed entity must use for its corporate governance statement under listing rule 4.10.3."
          },
          {
            "optionId": 3,
            "optionText": "The Appendix 4G acts as a key designed to assist readers to locate the governance disclosures made by a listed entity in its corporate governance statement under listing rule 4.10.3 and under the ASX Corporate Governance Council’s recommendations."
          },
          {
            "optionId": 4,
            "optionText": "The Appendix 4G also acts as a verification tool for listed entities to confirm that they have met the disclosure requirements in listing rule 4.10.3."
          }
        ]
      },
      {
        "question": "ASX Corporate Governance Council recommendation 4.2 provides that: The board of a listed entity should, before it approves the entity’s financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. To which of the following financial statements does this recommendation apply?",
        "feedback": "Recommendation 4.2 applies to all financial statements submitted for approval by the board of a listed entity.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The entity’s annual accounts."
          },
          {
            "optionId": 2,
            "optionText": "The entity’s half yearly accounts."
          },
          {
            "optionId": 3,
            "optionText": "If the entity produces them and they are approved by the entity’s board, the entity’s Appendix 4C quarterly cash flow statements."
          },
          {
            "optionId": 4,
            "optionText": "If the entity produces them and they are approved by the entity’s board, the entity’s Appendix 5B quarterly cash flow statements."
          }
        ]
      },
      {
        "question": "ASX Corporate Governance Council recommendations 1.5, 3.2, 3.3, 3.4 and 5.1 respectively call for a listed entity to have and disclose a diversity policy, code of conduct, whistle-blower policy, anti-bribery and corruption policy, and continuous disclosure policy. How does an entity make these disclosures?",
        "feedback": "The correct responses are answers 1 and 2 above.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures. More than one answer is required.]",
        "correctAnswer": "1,2",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "By including a copy of the full version of the policies on its website."
          },
          {
            "optionId": 2,
            "optionText": "By including a copy of the full version of the policies in its annual report."
          },
          {
            "optionId": 3,
            "optionText": "By including a summary of the policies on its website or in its annual report."
          },
          {
            "optionId": 4,
            "optionText": "By keeping a physical copy of the policies at the entity’s registered office and making them available for inspection by security holders."
          }
        ]
      },
      {
        "question": "ASX Corporate Governance Council recommendation 1.5 provides that if a listed entity is in the S&P / ASX 300 Index at the commencement of the relevant reporting period, the measurable objective for achieving gender diversity in the composition of its board should be to have not less than what percentage of its directors of each gender within a specified period?",
        "feedback": "The measurable objective for listed entities in the S&P / ASX 300 Index for achieving gender diversity in the composition of their boards should be to have not less than 30% of their directors of each gender.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "20%"
          },
          {
            "optionId": 2,
            "optionText": "30%"
          },
          {
            "optionId": 3,
            "optionText": "40%"
          },
          {
            "optionId": 4,
            "optionText": "50%"
          }
        ]
      },
      {
        "question": "The commentary to ASX Corporate Governance Council recommendation 7.4 (‘A listed entity should disclose whether it has any material exposure to environmental or social risks and, if it does, how it manages or intends to manage those risks’) encourages listed entities that have a material exposure to climate change risk to make the disclosures recommended by … ?",
        "feedback": "The ASX Corporate Governance Council encourages listed entities to make the climate-related disclosures recommended by the TCFD.",
        "hint":"[Hint: This question relates to Module 6 Corporate governance disclosures.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The International Financial Reporting Standards Board (IFRS)"
          },
          {
            "optionId": 2,
            "optionText": "The Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD)."
          },
          {
            "optionId": 3,
            "optionText": "The Global Reporting Initiative (GRI)."
          },
          {
            "optionId": 4,
            "optionText": "The Australian Broadcasting Commission (ABC)."
          }
        ]
      }
    ]
  },
  {
    "moduleName": "General meetings",
    "questions": [
      {
        "question": "The chair and CEO of a listed entity are giving prepared addresses at a meeting of security holders. Under listing rule 3.13.3, when should a copy of those addresses be lodged with ASX?",
        "feedback": "Listing rule 3.13.3 requires the contents of any prepared address by the chair or CEO of a listed entity that will be delivered at a meeting of security holders to be given to ASX by no later than the start of the meeting. This applies regardless of whether the addresses contain market-sensitive information.",
        "hint":"[Hint: This question relates to Module 7 General meetings.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "No later than the start of the meeting."
          },
          {
            "optionId": 2,
            "optionText": "Immediately after the close of the meeting."
          },
          {
            "optionId": 3,
            "optionText": "Within 2 business days of the meeting taking place."
          },
          {
            "optionId": 4,
            "optionText": "It depends. The addresses only need to be lodged with ASX if they contain market-sensitive information."
          }
        ]
      },
      {
        "question": "Under listing rule 14.3, unless its constitution provides to the contrary, an entity must accept nominations for the election of directors up to how many days before the date of a general meeting at which directors may be elected?",
        "feedback": "Under listing rule 14.3, unless its constitution provides to the contrary, a listed company must accept nominations for the election of directors up to 35 days before the date of a general meeting at which directors may be elected, unless the meeting is one that members have requested directors to call, in which case the period is 30 business days before the date of the meeting.",
        "hint": "[Hint: This question relates to Module 7 General meetings.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "10 business days."
          },
          {
            "optionId": 2,
            "optionText": "20 business days."
          },
          {
            "optionId": 3,
            "optionText": "35 business days, unless the meeting is one that members have requested directors to call, in which case the period is 30 business days before the date of the meeting."
          },
          {
            "optionId": 4,
            "optionText": "40 business days."
          }
        ]
      },
      {
        "question": "Under listing rule 3.13.1, a listed entity is required to notify ASX of certain matters in advance of a meeting of security holders where directors may be elected. Which of the following statements about that obligation are true?",
        "feedback": "All four statements above are true.",
        "hint": "[Hint: This question relates to Module 7 General meetings. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The entity must notify ASX of the date of the meeting and the closing date for the receipt of nominations from persons wishing to be considered for election as a director."
          },
          {
            "optionId": 2,
            "optionText": "The notification must be given to ASX at least 5 business days before the closing date for the receipt of such nominations."
          },
          {
            "optionId": 3,
            "optionText": "The entity may satisfy this obligation by giving to ASX a calendar of key dates which shows the date of the meeting and the closing date for the receipt of director nominations, as well as other key dates (such as the dates for its half year and annual results presentations and dividend payment dates)."
          },
          {
            "optionId": 4,
            "optionText": "The failure to give such notice does not invalidate the meeting or the election of any director at the meeting"
          }
        ]
      },
      {
        "question": "Under the director rotation requirements in listing rule 14.4, a director must not hold office (without re-election) past … ?",
        "feedback": "Under listing rule 14.4, a director must not hold office (without re-election) past the third annual general meeting following the director’s appointment or 3 years, whichever is longer.",
        "hint":"[Hint: This question relates to Module 7 General meetings.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The first annual general meeting following the director’s appointment or 1 year, whichever is longer."
          },
          {
            "optionId": 2,
            "optionText": "The second annual general meeting following the director’s appointment or 2 years, whichever is longer."
          },
          {
            "optionId": 3,
            "optionText": "The third annual general meeting following the director’s appointment or 3 years, whichever is longer."
          },
          {
            "optionId": 4,
            "optionText": "The fourth annual general meeting following the director’s appointment or 4 years, whichever is longer."
          }
        ]
      },
      {
        "question": "Under listing rule 14.5, a listed entity that has directors must hold an election of directors at each annual general meeting. Which of the following statements about this requirement are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 7 General meetings. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The entity must have at least one director stand for election or re-election at each annual general meeting."
          },
          {
            "optionId": 2,
            "optionText": "Point 1 above applies even where no director is required to stand for re-election at an annual general meeting under the director rotation requirements in listing rule 14.4."
          },
          {
            "optionId": 3,
            "optionText": "If the entity doesn’t have a new director standing for election and no director is due to stand for re-election under the director rotation requirements in listing rule 14.4, to comply with listing rule 14.5, the entity must select one of its existing directors to stand for re-election."
          },
          {
            "optionId": 4,
            "optionText": "Typically if an entity is required under listing rule 14.5 to select an existing director to stand for re-election, it will do so by calling for a volunteer or by drawing lots."
          }
        ]
      },
      {
        "question": "Under listing rule 14.2.1, a notice of meeting must include a proxy form which provides, for each resolution, for the security holder to direct the proxy ... ?",
        "feedback": "Listing rule 14.2.1 requires a proxy form to allow the security holder to direct the proxy to vote for the resolution, to vote against the resolution or to abstain from voting on the resolution.",
        "hint":"[Hint: This question relates to Module 7 General meetings. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "To vote for the resolution."
          },
          {
            "optionId": 2,
            "optionText": "To vote against the resolution."
          },
          {
            "optionId": 3,
            "optionText": "To abstain from voting on the resolution."
          },
          {
            "optionId": 4,
            "optionText": "To speak on the resolution."
          }
        ]
      },
      {
        "question": "Most resolutions under the listing rules attract a voting exclusion prohibiting certain nominated parties (‘excluded persons’) and their associates from voting in favour of the resolution. Which of the following statements about voting exclusions are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 7 General meetings. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Where a voting exclusion applies, a ‘voting exclusion statement’ must be included in the notice of meeting."
          },
          {
            "optionId": 2,
            "optionText": "The table in listing rule 14.11.1 specifies who are the ‘excluded persons’ for the different resolutions under the listing rules. The excluded persons identified in that table must be named or described in the notice of meeting proposing the resolution."
          },
          {
            "optionId": 3,
            "optionText": "ASX has a general discretion to treat as an ‘excluded person’ any person whose votes, in ASX’s opinion, should be disregarded. If ASX exercises this discretion, the person in question must be named or described in the notice of meeting."
          },
          {
            "optionId": 4,
            "optionText": "Under listing rules 14.6 and 14.7, an entity must in fact disregard the votes it says it will disregard in a voting exclusion statement or else the resolution to which it relates will not be valid."
          }
        ]
      },
      {
        "question": "Under listing rule 14.10, which of the following conditions must be met before securities held by or for an employee incentive scheme can be voted on a resolution under the listing rules?",
        "feedback": "Listing rule 14.10 provides that securities held by or for an employee incentive scheme must only be voted on a resolution under the listing rules if and to the extent that: (1) they are held for the benefit of a nominated participant in the scheme; (2) the nominated participant is not excluded from voting on the resolution under the listing rules; and (3) the nominated participant has directed how the securities are to be voted.",
        "hint":"[Hint: This question relates to Module 7 General meetings. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The securities must be held for the benefit of a nominated participant in the scheme."
          },
          {
            "optionId": 2,
            "optionText": "The nominated participant must not be excluded from voting on the resolution under the listing rules."
          },
          {
            "optionId": 3,
            "optionText": "The nominated participant must have directed how the securities are to be voted."
          },
          {
            "optionId": 4,
            "optionText": "The voting directions of the nominated participant must be consistent with any recommendation that the board of the listed entity has made to security holders on how to vote on the resolution."
          }
        ]
      },
      {
        "question": "Under listing rule 3.13.2, by when must a listed entity notify ASX of the results of voting at a meeting of security holders?",
        "feedback": "Under listing rule 3.13.2, a listed entity must notify ASX of the results of voting at a meeting of security holders immediately (that is, promptly and without delay) after the meeting.",
        "hint":"[Hint: This question relates to Module 7 General meetings.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Immediately after the meeting."
          },
          {
            "optionId": 2,
            "optionText": "Within 1 business day of the meeting."
          },
          {
            "optionId": 3,
            "optionText": "Within 2 business days of the meeting."
          },
          {
            "optionId": 4,
            "optionText": "Within 5 business days of the meeting."
          }
        ]
      },
      {
        "question": "Listing rule 3.13.2 requires a listed entity to notify ASX of the results of voting at a meeting of security holders immediately after the meeting. Which of the following statements about that obligation are true?",
        "feedback": "All five statements above are true.",
        "hint":"[Hint: This question relates to Module 7 General meetings. More than one answer is required.]",
        "correctAnswer": "1,2,3,4,5",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The notification given to ASX must be headed ‘Results of Meeting’ or something similar."
          },
          {
            "optionId": 2,
            "optionText": "The notification must include the information set out in listing rule 3.13.2 for each resolution put to the meeting."
          },
          {
            "optionId": 3,
            "optionText": "If a resolution was proposed in the notice of meeting but not put to the meeting, the notification must also disclose the number and a short description of the resolution, the fact that it was not put to the meeting and an explanation of why it was not put to the meeting."
          },
          {
            "optionId": 4,
            "optionText": "Points 1, 2 and 3 above apply to all resolutions considered at a meeting of security holders, not just those under the listing rules."
          },
          {
            "optionId" : 5,
            "optionText" : "A pro forma notification (in both Word and Excel format) of the results of a meeting of security holders can be downloaded from the ‘ASX Compliance Downloads’ page on the ASX website."
          }
        ]
      },
       {
        "question": "Listing rule 14.8 empowers ASX to require a listed entity to appoint its auditors, or some other person acceptable to ASX, to act as a scrutineer to decide the validity of votes cast at a general meeting and whether the votes that should have been disregarded were in fact disregarded. Which of the following statements about that power are true?",
        "feedback": "All four statements above are true.",
         "hint":"[Hint: This question relates to Module 7 General meetings. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "This power applies to any and all resolutions being considered at a general meeting of a listed entity and not just those under the listing rules."
          },
          {
            "optionId": 2,
            "optionText": "ASX is generally reluctant to exercise this power except: (1) in relation to a listing rule resolution, where ASX has the jurisdiction to take corrective action if the resolution is not validly passed; or (2) at the request of ASIC, in relation to a resolution under the Corporations Act or the general law, where ASIC has the jurisdiction to take corrective action if the resolution is not validly passed."
          },
          {
            "optionId": 3,
            "optionText": "If ASX requires the voting on a resolution to be scrutineered, ASX will expect the vote to be decided by way of a poll, rather than by a show of hands, so that the scrutineer can opine on whether the resolution has been validly passed."
          },
          {
            "optionId": 4,
            "optionText": "ASX will also expect the scrutineer to prepare a written report for the entity confirming whether the resolution was duly passed or not passed and to make that report available to ASX upon request."
          }
        ]
      }
    ]
  },
  {
    "moduleName": "Lodging documents with ASX",
    "questions": [
      {
        "question": "The ASX Market Announcements Office (‘MAO’) is generally staffed … ?",
        "feedback": "The MAO is generally staffed from 7.00 am to 7.30 pm AEST (8.30 pm during daylight saving) on each trading day.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "From 9 am to 5 pm AEST Monday to Friday."
          },
          {
            "optionId": 2,
            "optionText": "From 8 am to 6 pm AEST (7 pm AEDT during daylight saving) Monday to Friday."
          },
          {
            "optionId": 3,
            "optionText": "From 7.00 am to 7.30 pm AEST (8.30 pm AEDT during daylight saving) on each trading day."
          },
          {
            "optionId": 4,
            "optionText": "24 hours a day, 7 days a week."
          }
        ]
      },
      {
        "question": "Under listing rule 15.2.1, which of the following documents must be given by a listed entity to the ASX Market Announcements Office (‘MAO’) electronically via ASX Online?",
        "feedback": "All of the documents listed above should be given to the MAO electronically via ASX Online.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "1,2,3,4,5,6",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A document intended for release to the market."
          },
          {
            "optionId": 2,
            "optionText": "ASX has specified the MAO as the place for giving ASX the document."
          },
          {
            "optionId": 3,
            "optionText": "The document is in response to correspondence from the MAO."
          },
          {
            "optionId": 4,
            "optionText": "The document was sent to holders of the entity’s securities."
          },
          {
            "optionId": 5,
            "optionText": "The document is a disclosure document, PDS, information memorandum, takeover document, document setting out the terms of debt securities or convertible debt securities, or copy of the entity’s constitution."
          },
          {
            "optionId": 6,
            "optionText": "The document is a form in the appendices to the listing rules."
          }
        ]
      },
      {
        "question": "Under listing rule 15.2.2, which of the following documents must be given by a listed entity to its ASX home branch rather than to the ASX Market Announcements Office (‘MAO’)?",
        "feedback": "All of the documents listed above should be given to the entity’s ASX home branch rather than to the MAO.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "A document not intended for release to the market."
          },
          {
            "optionId": 2,
            "optionText": "ASX has specified the entity’s home branch as the place for giving ASX the document."
          },
          {
            "optionId": 3,
            "optionText": "The document is in response to correspondence from the home branch and ASX has not specified that the response is to be sent to the MAO."
          },
          {
            "optionId": 4,
            "optionText": "A draft document given to ASX for review under listing rule 15.1."
          }
        ]
      },
      {
        "question": "Under listing rule 15.5, excluding documents in a form prescribed by the Listing Rules or an Australian law where the form does not require the inclusion of the information set out below, a document given by a listed entity to ASX for release to the market must meet which of the following requirements?",
        "feedback": "Under listing rule 15.5, a document given by a listed entity to ASX for release to the market must meet all of the requirements listed above.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "It must include, or be sent with a covering letter that includes, the entity’s name, address and corporate logo."
          },
          {
            "optionId": 2,
            "optionText": "It must be dated."
          },
          {
            "optionId": 3,
            "optionText": "It must identify the title of the body, or the name and title of the officer, of the entity who authorised the document to be given to ASX for release to the market."
          },
          {
            "optionId": 4,
            "optionText": "If the document is an announcement under listing rule 3.1, it must include the name, title and contact details of a person who security holders or other interested parties can contact if they have any queries."
          }
        ]
      },
      {
        "question": "Under listing rule 15.1, which of the following documents must be given to ASX in draft and not finalised until ASX tells the entity that ASX does not object to the document?",
        "feedback": "Under listing rule 15.5, all of the documents listed above must be given to ASX in draft and not finalised until ASX tells the entity that ASX does not object to the document.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "1,2,3,4,5,6,7",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Proposed amendments to its constitution."
          },
          {
            "optionId": 2,
            "optionText": "Proposed amendments to the terms of any securities."
          },
          {
            "optionId": 3,
            "optionText": "A document to be sent to persons entitled to participate in a new issue under an arrangement or reconstruction."
          },
          {
            "optionId": 4,
            "optionText": "A notice of meeting which contains a resolution seeking an approval under the listing rules."
          },
          {
            "optionId": 5,
            "optionText": "A document to be sent to the holders of quoted partly paid securities concerning a call to be made or an instalment due on the securities."
          },
          {
            "optionId": 6,
            "optionText": "A document to be sent to the holders of quoted convertible securities concerning the conversion or expiry of the securities."
          },
          {
            "optionId": 7,
            "optionText": "Any other document to be sent to holders of securities in connection with seeking an approval under the listing rules."
          }
        ]
      },
      {
        "question": "A listed entity is preparing a notice of meeting for its annual general meeting. It includes resolutions to: (1) receive the financial statements, directors’ report and auditor’s report for the last financial year; (2) re-electing various directors; and (3) adopting the remuneration report for the last financial year. It does not contain any resolutions seeking security holder approval under the listing rules or any other matter that requires prior review by ASX under listing rule 15.1 before it is finalised. Which of the following statements are true?",
        "feedback": "Since the draft notice of meeting does not contain any resolutions seeking security holder approval under the listings rules, the entity is not required under listing rule 15.1.4 to send the draft notice to ASX for review prior to finalising it. However, under listing rule 3.17.1, the entity must lodge a copy of the notice of meeting with ASX immediately after it is sent to security holders.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "All notices of meeting have to be approved by ASX and so the entity must send the draft notice to ASX for review and not finalise it until ASX tells the entity that ASX does not object to the notice."
          },
          {
            "optionId": 2,
            "optionText": "Once ASX reviews the draft notice of meeting and indicates that it does not object to the draft notice, the entity is free to send the notice out to security holders whenever it wants and does not need to lodge a copy with ASX."
          },
          {
            "optionId": 3,
            "optionText": "Since the notice of meeting does not contain any resolutions seeking security holder approval under the listings rules or any other matter that requires prior review by ASX under listing rule 15.1 before it is finalised, the entity is not required to send the draft notice to ASX for review prior to finalising it."
          },
          {
            "optionId": 4,
            "optionText": "Under listing rule 3.17.1, the entity must lodge a copy of the notice of meeting with ASX immediately after it is sent to security holders."
          }
        ]
      },
      {
        "question": "A listed entity is preparing a notice of meeting for its annual general meeting. It includes a special resolution under the Corporations Act making amendments to its constitution. Which of the following statements are true?",
        "feedback": "Listing rule 15.1.1 requires an entity proposing an amendment to its constitution to lodge a copy of the proposed amendment with ASX and not to finalise it until ASX tells it that ASX does not object to the amendment. In addition, under listing rule 3.17.1, the entity must lodge a copy of the notice of meeting with ASX immediately after it is sent to security holders.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "2,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Since the resolution is a Corporations Act resolution rather than a listing rule resolution, the entity is not required to send the draft notice of meeting with the proposed amendments to its constitution to ASX for review prior to finalising it."
          },
          {
            "optionId": 2,
            "optionText": "Under listing rule 15.1.1, the entity must send ASX a draft of any proposed amendments to its constitution to ASX for review and not finalise the amendments until ASX tells the entity that ASX does not object to the amendments."
          },
          {
            "optionId": 3,
            "optionText": "Once ASX indicates that it does not object to the draft amendments, the entity is free to send the notice out to security holders whenever it wants and does not need to lodge a copy with ASX."
          },
          {
            "optionId": 4,
            "optionText": "Under listing rule 3.17.1, the entity must lodge a copy of the notice of meeting with ASX immediately after it is sent to security holders."
          }
        ]
      },
      {
        "question": "A listed entity lodges a draft notice of meeting for review by ASX under listing rule 15.1.4. Within what period will ASX use all reasonable endeavours to tell the entity whether or not it objects to the draft notice, or whether it needs more time to examine the document?",
        "feedback": "The correct answer is 5 business days. However, it may take longer than 5 business days during particularly busy periods such as August and September, when 30 June reporters are lodging their draft notices of annual general meeting for review by ASX. It may also take longer for some more complex notices or if the draft notice is of poor quality. You should therefore get your draft notice of meeting to ASX for review at the earliest possible opportunity.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One business day."
          },
          {
            "optionId": 2,
            "optionText": "Two business days."
          },
          {
            "optionId": 3,
            "optionText": "Five business days."
          },
          {
            "optionId": 4,
            "optionText": "Ten business days."
          }
        ]
      },
      {
        "question": "Which of the following statements about ASX Online are true?",
        "feedback": "All of the statements above are true.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "ASX Online includes functionality that requires an entity when it lodges an announcement for release on the ASX Market Announcements Platform (‘MAP’) to indicate its view as to whether the announcement: (1) is market sensitive; and (2) relates to and materially affects another ASX listed entity and therefore should be cross-released against that entity on MAP."
          },
          {
            "optionId": 2,
            "optionText": "The price sensitivity and cross release indications are intended to assist the ASX Market Announcements Office (‘MAO’) in forming a view on the market sensitivity of the announcement and whether the announcement needs to be cross-released against another listed entity or entities."
          },
          {
            "optionId": 3,
            "optionText": "To maintain consistency and integrity, before releasing the announcement, the MAO will review the indications provided by the entity and then make the final assessment as to whether the announcement is or is not market-sensitive or does or does not require cross-release."
          },
          {
            "optionId": 4,
            "optionText": "Announcements in certain categories (such as financial statements and takeovers documents) are automatically classified as market sensitive and the sensitivity cannot be changed by the entity."
          }
        ]
      },
      {
        "question": "Under listing rule 15.7, an entity must not release information that is for release to the market to anyone else, unless and until it has been given to ASX and the entity has received an acknowledgement from ASX that the information has been released to the market. Which of the following statements about that obligation is not true?",
        "feedback": "This statement is true. The statement that is not true is that it is OK to release information to the media, provided it is embargoed until after the announcement has been released on ASX.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The reason for this requirement is to make the ASX Market Announcements Platform the central collection and dissemination point for market sensitive information."
          },
          {
            "optionId": 2,
            "optionText": "It is OK to release information to the media, provided it is embargoed until after the announcement has been released on ASX."
          },
          {
            "optionId": 3,
            "optionText": "Under listing rule 15.7.1, a dual listed entity which becomes aware of information outside of the hours of operation of the Market Announcements Office (‘MAO’) and which is required to release that information to an overseas exchange may do so provided that it gives the information to the MAO at the same time, together with written advice that the information has been released to the overseas exchange."
          },
          {
            "optionId": 4,
            "optionText": "If a listed entity has a pressing commercial or legal need to make a public announcement outside of the hours of operation of the MAO, provided it gives a copy of the announcement to the MAO at the same time as it makes the announcement, so that it is queued for processing by the MAO before ASX next opens for trading, ASX generally will not take any action against the entity for infringing listing rule 15.7."
          }
        ]
      },
      {
        "question": "Which of the following statements about headers for market announcements are true?",
        "feedback": "All of the statements above are true.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Announcements made via online forms are given a standard header that cannot be altered by the entity."
          },
          {
            "optionId": 2,
            "optionText": "For certain standard PDF announcements, if the entity selects that type of announcement in the dropdown menu in the e-lodgement centre, ASX Online will automatically assign a standard header for the announcement. While some (but not all) of these headers can be changed, it is ASX’s preference that the entity leave it unchanged."
          },
          {
            "optionId": 3,
            "optionText": "For all other announcements, the entity must supply a header (limited to 60 characters) for the announcement."
          },
          {
            "optionId": 4,
            "optionText": "The header to an announcement should briefly and accurately convey its contents (eg ‘Appointment of CEO’ or ‘Cleansing Notice’) and convey a fair and balanced impression of what the announcement is about."
          }
        ]
      },
      {
        "question": "Before the start of a listed entity’s annual general meeting (‘AGM’), it lodges a copy of the prepared address to be given by its chair at the AGM (as it is required to do under listing rule 3.13.1). The address includes an announcement of a major share buy-back that a reasonable person would expect to be market-sensitive. Which two options below represent the best way for the entity to lodge the announcement with ASX?",
        "feedback": "The best approach is either (3) or (4). Option (3) more accurately conveys its contents of the announcement than options (1) or (2). Option (4) would be best practice in terms of ensuring that the market is made aware of potentially market sensitive information in a timely manner.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. Two of these answers are correct and two are incorrect.]",
        "correctAnswer": "3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Give it the title/header ‘Chair’s Address to AGM’ and tick the box to indicate that it is not market sensitive."
          },
          {
            "optionId": 2,
            "optionText": "Give it the title/header ‘Chair’s Address to AGM’ and tick the box to indicate that it is market sensitive."
          },
          {
            "optionId": 3,
            "optionText": "Give it the title/header ‘Chair’s Address to AGM and Buyback Announcement’ and tick the box to indicate that it is market sensitive."
          },
          {
            "optionId": 4,
            "optionText": "Prepare a stand-alone market announcement about the buy-back that can be lodged before the chair’s address and marked as ‘market sensitive’, then lodge the chair’s address and give it the title/header ‘Chair’s Address to AGM’ and assess whether or not it ought to be marked as ‘market sensitive’, based on its contents and on the fact that the buy-back has already been announced."
          }
        ]
      },
      {
        "question": "Which of the following statements are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "An announcement for release to the market must be accurate, complete (in the sense of not omitting material information) and not misleading."
          },
          {
            "optionId": 2,
            "optionText": "To not be misleading, opinions expressed in an announcement should be honestly held and balanced and should be clearly identified as a statement of opinion rather than a statement of fact."
          },
          {
            "optionId": 3,
            "optionText": "Any forward looking statements in an announcement, such as earnings guidance or exploration or production targets, must be based on reasonable grounds or else by law they will be deemed to be misleading."
          },
          {
            "optionId": 4,
            "optionText": "Any material assumptions or qualifications that underpin any forward looking statements should also be stated in the announcement."
          }
        ]
      },
      {
        "question": "A listed entity lodges an announcement via ASX Online that has been released to the market via the ASX Market Announcements Platform (‘MAP’) after the market has closed for trading that day. After its release, the entity identifies a significant error in the announcement (the word ‘not’ having been omitted in a critical sentence in the announcement). Fortunately, the market is not trading and so there is no need at this point to consider requesting a trading halt to prevent a false market in its securities. How can the entity go about having the announcement corrected?",
        "feedback": "When an announcement is released on MAP, it gets widely distributed to broker screens, market information subscribers and third party data vendors, as well as on the ASX website. It is generally not possible to retrieve or withdraw an announcement once it has been released on MAP. Usually, the only course of action available at that point is to lodge a corrective announcement.",
        "hint":"[Hint: This question relates to Module 8 Lodging documents with ASX.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Contact the ASX Market Announcements Office and ask them to withdraw the original announcement from MAP and replace it with an amended announcement."
          },
          {
            "optionId": 2,
            "optionText": "Contact its listings adviser and ask them to withdraw the original announcement from MAP and replace it with an amended announcement."
          },
          {
            "optionId": 3,
            "optionText": "Lodge a corrective announcement highlighting the error in the original announcement."
          },
          {
            "optionId": 4,
            "optionText": "Contact the ASX CEO and ask them to intervene."
          }
        ]
      }
      
    ]
  },
  {
    "moduleName": "Trading halts and suspensions",
    "questions": [
      {
        "question": "It is during normal office hours for a listed entity’s ASX home branch. The listed entity needs to request an urgent trading halt or voluntary suspension to manage its continuous disclosure obligations. Who should it contact?",
        "feedback": "A listed entity should contact its listings adviser, in the first instance, if it needs to request a trading halt or voluntary suspension. If they are not available, it should speak to any manager or listings adviser at its ASX home branch.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The ASX Market Announcements Office."
          },
          {
            "optionId": 2,
            "optionText": "ASX Market Operations."
          },
          {
            "optionId": 3,
            "optionText": "Its listings adviser if they are available –otherwise any manager or listings adviser at its ASX home branch."
          },
          {
            "optionId": 4,
            "optionText": "The ASX CEO"
          }
        ]
      },
      {
        "question": "A listed entity sends a request for a trading halt or voluntary suspension by email to its listings adviser. Recognising that emails sometimes get lost in transmission or blocked by spam filters, what other steps should the entity take to ensure that its request is received and actioned by ASX?",
        "feedback": "A listed entity requesting a trading halt or voluntary suspension by email should take the steps in answers 1 and 2 above.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions. More than one answer is required.]",
        "correctAnswer": "1,2",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Also send the email to the trading halts email address in its home branch so that if its listings adviser is not available, other ASX staff can attend to the request."
          },
          {
            "optionId": 2,
            "optionText": "Follow up the email with a phone call to its ASX home branch to confirm that ASX has received the request."
          },
          {
            "optionId": 3,
            "optionText": "Log into ASX Online and check the market announcements screen to see if the request has been received by ASX and is being actioned."
          },
          {
            "optionId": 4,
            "optionText": "Check the ‘sent items’ folder in sender’s email system – so long as the email is shown as having been sent, the entity doesn’t need to worry about anything else."
          }
        ]
      },
      {
        "question": "When it requests a trading halt or voluntary suspension, a listed entity is required under listing rule 17.1 or 17.2 to tell ASX which of the following?",
        "feedback": "The entity is required to tell ASX all five things mentioned above.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions. More than one answer is required.]",
        "correctAnswer": "1,2,3,4,5",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Its reasons for the halt or suspension."
          },
          {
            "optionId": 2,
            "optionText": "How long it wants the halt or suspension to last."
          },
          {
            "optionId": 3,
            "optionText": "The event it expects to happen that will end the halt or suspension."
          },
          {
            "optionId": 4,
            "optionText": "That it is not aware of any reason why the halt or suspension should not be granted."
          },
          {
            "optionId":5,
            "optionText":"Any other information necessary to inform the market about the halt or suspension, or that ASX asks for."
          }
        ]
      },
      {
        "question": "Which of the following statements about ASX’s approach to granting a trading halt or voluntary suspension are true?",
        "feedback": "All four statement above are correct.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Requests for trading halts and voluntary suspensions are not automatically granted."
          },
          {
            "optionId": 2,
            "optionText": "Before agreeing to a halt or suspension, ASX needs to be satisfied that the entity’s reasons for requesting the halt or suspension are acceptable reasons and that the circumstances justify an interruption to trading in the entity’s securities."
          },
          {
            "optionId": 3,
            "optionText": "ASX may explore with the entity why it is not able to make an immediate announcement to the market that would avoid the need for a halt or suspension."
          },
          {
            "optionId": 4,
            "optionText": "If ASX does not agree to a trading halt or voluntary suspension, it will advise the entity immediately and discuss the alternatives available to the entity."
          }
        ]
      },
      {
        "question": "What is the maximum period that a trading halt can last?",
        "feedback": "A trading halt can last for a maximum of 2 trading days.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One trading day."
          },
          {
            "optionId": 2,
            "optionText": "Two trading days."
          },
          {
            "optionId": 3,
            "optionText": "Five trading days."
          },
          {
            "optionId": 4,
            "optionText": "There is no maximum period. A trading halt can last indefinitely."
          }
        ]
      },
      {
        "question": "ASX imposes a trading halt at 11 am AEST on a Monday morning. Assuming that Monday through to Friday that week are all trading days, what is the latest time at which the halt will be lifted?",
        "feedback": "Where a trading halt imposed before market open or while the market is trading on a particular trading day, it must end, at the latest, at the commencement of trading on the second trading day after the halt was imposed.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "At market open on the Tuesday morning."
          },
          {
            "optionId": 2,
            "optionText": "At market open on the Wednesday morning."
          },
          {
            "optionId": 3,
            "optionText": "At market open on the Thursday morning."
          },
          {
            "optionId": 4,
            "optionText": "At market open on the Friday morning."
          }
        ]
      },
      {
        "question": "ASX imposes a trading halt at 5 pm AEST on a Monday afternoon. Assuming that Monday through to Friday that week are all trading days, what is the latest time at which the halt will be lifted?",
        "feedback": "Where a trading halt is imposed after market close on a particular trading day, it must end, at the latest, at the commencement of trading on the third trading day after the halt was imposed.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "At market open on the Tuesday morning."
          },
          {
            "optionId": 2,
            "optionText": "At market open on the Wednesday morning."
          },
          {
            "optionId": 3,
            "optionText": "At market open on the Thursday morning."
          },
          {
            "optionId": 4,
            "optionText": "At market open on the Friday morning."
          }
        ]
      },
      
      {
        "question": "What is the only scenario in which ASX will grant a listed entity ‘back-to-back’ trading halts (effectively allowing a trading halt that will last for up to 4 trading days)?",
        "feedback": "ASX will only agree to ‘back-to-back’ trading halts where an entity is proposing to undertake an accelerated capital raising that requires a halt in trading of more than 2, but not more than 4, trading days to be completed.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The entity is proposing to undertake an accelerated capital raising."
          },
          {
            "optionId": 2,
            "optionText": "The entity is proposing to make a scrip bid for another listed entity."
          },
          {
            "optionId": 3,
            "optionText": "The entity is proposing to undertake a back door listing."
          },
          {
            "optionId": 4,
            "optionText": "The entity is proposing to conduct an on-market share buy-back."
          }
        ]
      },
      {
        "question": "In which of the following circumstances would it be appropriate for a listed entity to request ASX for a trading halt or voluntary suspension?",
        "feedback": "ASX will generally agree to a trading halt or voluntary suspension where it is reasonably required by a listed entity to manage its continuous disclosure obligations. The first three examples above would be legitimate situations where ASX would usually agree to a trading halt or voluntary suspension. The fourth example above (the CEO seeking to avoid a margin call) is not a valid reason to request a trading halt or voluntary suspension.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions. More than one answer is required.]",
        "correctAnswer": "1,2,3",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The entity has just become aware of an adverse event that a reasonable person would expect to cause a material drop in the price or value of its securities. The entity is not in a position to make an immediate announcement about the event to the market."
          },
          {
            "optionId": 2,
            "optionText": "The entity is in the final stages of negotiating a material acquisition that has not been announced to the market. Information about the transaction has leaked and appears to have caused a material increase in the price of its securities. The entity is not in a position to make an immediate announcement about the transaction to the market."
          },
          {
            "optionId": 3,
            "optionText": "The board of an entity in financial distress has decided to appoint an administrator. The entity is not in a position to make an immediate announcement about the appointment to the market."
          },
          {
            "optionId": 4,
            "optionText": "The entity is about to release an announcement that the entity’s CEO anticipates will likely cause a significant fall in the price or value of the entity’s shares. Once the announcement is released, the market will be fully informed but the CEO doesn’t want the entity’s shares to be trading on ASX because s/he is concerned that the likely fall in share price could trigger a margin call on shares s/he owns in the entity. S/he asks the company secretary to contact ASX and request a voluntary suspension ahead of the announcement."
          }
        ]
      },
      {
        "question": "A listed entity has had its securities suspended from quotation. Which of the following statements is true?",
        "feedback": "Listing rule 18.6 requires a listed entity to comply with the listing rules even if quotation of its securities is deferred, suspended or subject to a trading halt. ASX may remove the entity from the official list if it does not comply with the listing rules.",
        "hint":"[Hint: This question relates to Module 9 Trading halts and suspensions.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The entity does not need to make any continuous disclosure announcements for the duration of its suspension because its securities are not trading and therefore an announcement can’t have any impact on the price of its securities."
          },
          {
            "optionId": 2,
            "optionText": "The entity does not need to lodge any financial statements with ASX for the duration of the suspension because the market can’t trade on the information in the financial statements in any event."
          },
          {
            "optionId": 3,
            "optionText": "The entity doesn’t have to comply with any of its obligations under the listing rules – it is already suspended so what more can ASX do if the entity doesn’t comply?"
          },
          {
            "optionId": 4,
            "optionText": "The entity must continue to comply with all of its obligations under the listing rules notwithstanding the suspension."
          }
        ]
      }
    ]
  },
  {
    "moduleName": "Waivers and in-principle advice",
    "questions": [
      {
        "question": "ASX divides waivers into two categories. What are they?",
        "feedback": "ASX divides waivers into standard vs non-standard waivers.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Standard vs non-standard."
          },
          {
            "optionId": 2,
            "optionText": "Urgent vs non-urgent."
          },
          {
            "optionId": 3,
            "optionText": "Difficult vs easy."
          },
          {
            "optionId": 4,
            "optionText": "Contentious vs not contentious."
          }
        ]
      },
      {
        "question": "ASX has streamlined processes and requirements for standard waivers compared to non-standard waivers. Where will you find the list of waivers that are considered ‘standard’ for these purposes?",
        "feedback": "You can find a list of standard waivers in the annexure to Guidance Note 17 Waivers and In-principle Advice.",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "In the introduction to the listing rules."
          },
          {
            "optionId": 2,
            "optionText": "In the notes to listing rule 18.1 (which empowers ASX to grant waivers of the listing rules)."
          },
          {
            "optionId": 3,
            "optionText": "In the annexure to Guidance Note 17 Waivers and In-principle Advice."
          },
          {
            "optionId": 4,
            "optionText": "There is no list of standard waivers. An entity has to phone or email its listings adviser to find out whether a waiver it wants is standard or non-standard."
          }
        ]
      },
      {
        "question": "If a listed entity wants to request a waiver from the listing rules, to whom should it send the request?",
        "feedback": "A request for a waiver from the listing rules should be sent to the entity’s listings adviser.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "To the ASX Market Announcements Office."
          },
          {
            "optionId": 2,
            "optionText": "To the entity’s listings adviser."
          },
          {
            "optionId": 3,
            "optionText": "To ASX Market Operations."
          },
          {
            "optionId": 4,
            "optionText": "To the ASX CEO."
          }
        ]
      },
      {
        "question": "A listed entity is applying to ASX for a standard waiver of a listing rule. Which of the following statements is true:",
        "feedback": "The request need only include a brief explanation of the transaction, event or circumstance giving rise to the need for the waiver and identify the specific waiver in the annexure to Guidance Note 17 Waivers and In-principle Advice which the entity is requesting.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice.]",
        "correctAnswer": "1",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The application should include a brief explanation of the transaction, event or circumstance giving rise to the need for the waiver and identify the specific waiver in the annexure to Guidance Note 17 Waivers and In-principle Advice which the entity is requesting."
          },
          {
            "optionId": 2,
            "optionText": "The application should include detailed legal analysis of why ASX should grant the waiver being requested."
          },
          {
            "optionId": 3,
            "optionText": "The application should identify at least 3 other precedents where ASX has granted an equivalent waiver to a listed entity."
          },
          {
            "optionId": 4,
            "optionText": "The application should be at least 10 pages long so that it looks like it has some substance."
          }
        ]
      },
      {
        "question": "Which of the following information should be included in a listed entity’s request for a non-standard waiver?",
        "feedback": "The request should include all six things mentioned above.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice. More than one answer is required.]",
        "correctAnswer": "1,2,3,4,5,6",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The specific listing rule or rules to be waived."
          },
          {
            "optionId": 2,
            "optionText": "An explanation of the transaction, event or circumstance giving rise to the need for the waiver."
          },
          {
            "optionId": 3,
            "optionText": "The reason for requesting the waiver, including an explanation of the commercial ramifications if the waiver is not granted."
          },
          {
            "optionId": 4,
            "optionText": "Where applicable, the start and end date of the requested waiver."
          },
          {
            "optionId": 5,
            "optionText": "If the waiver relates to an issue of securities, a description of the entity’s capital structure before and after the issue of securities."
          },
          {
            "optionId": 6,
            "optionText": "If the waiver relates to a transaction involving a related party of, or another party in a position of influence in relation to, the listed entity, full details of the relationship between that party and the listed entity."
          }
        ]
      },
      {
        "question": "When a listed entity applies to ASX for a non-standard waiver of a listing rule, the onus is on the entity to establish which of the following?",
        "feedback": "The onus is on the entity to establish all four matters above.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "There is a sufficiently strong commercial case to justify granting the waiver."
          },
          {
            "optionId": 2,
            "optionText": "Granting the waiver is consistent with the statutory obligations imposed on ASX as a licensed market operator."
          },
          {
            "optionId": 3,
            "optionText": "Granting the waiver will not undermine the principles on which the listing rules are based or the policy underlying the particular rule sought to be waived."
          },
          {
            "optionId": 4,
            "optionText": "Granting the waiver will not otherwise adversely affect the reputation of the markets ASX operates, to the detriment of entities and investors alike."
          }
        ]
      },
      {
        "question": "What fee does ASX charge for considering an application for a waiver of the listing rules?",
        "feedback": "ASX does not charge a fixed fee for considering an application for a waiver but may charge a time-based fee if the application raises novel or complex issues.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "$5,000 (plus GST)."
          },
          {
            "optionId": 2,
            "optionText": "$10,000 (plus GST)."
          },
          {
            "optionId": 3,
            "optionText": "$15,000 (plus GST)."
          },
          {
            "optionId": 4,
            "optionText": "ASX does not charge a fixed fee for considering an application for a waiver but may charge a time-based fee if the application raises novel or complex issues."
          }
        ]
      },
      {
        "question": "Which of the following statements about ASX’s power to grant a waiver of a listing rule are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Listing rule 18.1 confers on ASX the power at any time to waive a rule, or part of a rule, unless the rule specifies that ASX will not waive it."
          },
          {
            "optionId": 2,
            "optionText": "ASX may waive a listing rule on conditions. If it does so, the conditions must be complied with for the waiver to be effective."
          },
          {
            "optionId": 3,
            "optionText": "Where appropriate, ASX may impose an expiry date on a waiver. This affords ASX an opportunity to review the ongoing need for, and appropriateness of, continuing the waiver."
          },
          {
            "optionId": 4,
            "optionText": "ASX will not grant retrospective waivers to cure a breach of the listing rules."
          }
        ]
      },
      {
        "question": "Which of the following statements about waivers of the listing rules granted by ASX are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Listing rule 18.1 requires ASX to publish its waiver decisions (for waivers that are granted) on a periodic basis."
          },
          {
            "optionId": 2,
            "optionText": "ASX does this by publishing the ‘ASX Waivers Registry’ fortnightly."
          },
          {
            "optionId": 3,
            "optionText": "The details published in the ‘ASX Waivers Registry’ include the entity’s name and ASX code, the terms and conditions of the waiver, and the basis for decision."
          },
          {
            "optionId": 4,
            "optionText": "ASX also publishes a Listings Compliance quarterly activities report, which includes information about the number of waiver applications ASX declines and high level reasons for why those waivers were declined."
          }
        ]
      },
      {
        "question": "A listed entity is concerned that if it applies for and receives a waiver and ASX publishes the waiver decision on the ‘ASX Waivers Registry’, this could lead to the premature disclosure of a confidential transaction it is negotiating. What could it do to address this concern?",
        "feedback": "The entity should consider applying for in-principle advice on ASX’s willingness to grant the waiver and then make a formal application for the waiver at a more appropriate time.",
        "hint":"[Hint: This question relates to Module 10 Waivers and in-principle advice.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Make the application for the waiver at the latest possible date and pressure ASX to consider it on an urgent and priority basis."
          },
          {
            "optionId": 2,
            "optionText": "Consider applying for in-principle advice on ASX’s willingness to grant the waiver (which is treated as a confidential communication and will not be published in the ‘ASX Waivers Registry’) and then make a formal application for the waiver at a more appropriate time."
          },
          {
            "optionId": 3,
            "optionText": "Bring legal action against ASX to stop it publishing the waiver on its website on the grounds that it will breach confidentiality."
          },
          {
            "optionId": 4,
            "optionText": "Not bother asking for the waiver – if ASX can’t keep the waiver confidential, the entity shouldn’t have to apply for it."
          }
        ]
      }
    ]
  },
   {
    "moduleName": "Directors’ interest notifications",
    "questions": [
      {
        "question": "What is the prescribed form for an initial director’s interest notice under listing rule 3.19A.1?",
        "feedback": "The correct answer is Appendix 3X.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Appendix 3A."
          },
          {
            "optionId": 2,
            "optionText": "Appendix 3X."
          },
          {
            "optionId": 3,
            "optionText": "Appendix 3Y"
          },
          {
            "optionId": 4,
            "optionText": "Appendix 3Z."
          }
        ]
      },
      {
        "question": "What is the prescribed form for a change of director’s interest notice under listing rule 3.19A.2?",
        "feedback": "The correct answer is Appendix 3Y.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
         {
            "optionId": 1,
            "optionText": "Appendix 3A."
          },
          {
            "optionId": 2,
            "optionText": "Appendix 3X."
          },
          {
            "optionId": 3,
            "optionText": "Appendix 3Y"
          },
          {
            "optionId": 4,
            "optionText": "Appendix 3Z."
          }
        ]
      },
       {
        "question": "What is the prescribed form for a final director’s interest notice under listing rule 3.19A.3?",
        "feedback": "The correct answer is Appendix 3Z.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Appendix 3A."
          },
          {
            "optionId": 2,
            "optionText": "Appendix 3X."
          },
          {
            "optionId": 3,
            "optionText": "Appendix 3Y"
          },
          {
            "optionId": 4,
            "optionText": "Appendix 3Z."
          }
        ]
      },
       {
        "question": "Within what period after a person is appointed as a director of a listed entity must the entity lodge an Appendix 3X in relation to the director’s notifiable interest under listing rule 3.19A.1?",
        "feedback": "The correct answer is five business days.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One business day."
          },
          {
            "optionId": 2,
            "optionText": "Two business days."
          },
          {
            "optionId": 3,
            "optionText": "Five business days."
          },
          {
            "optionId": 4,
            "optionText": "Fourteen days."
          }
        ]
      },
      {
        "question": "Within what period after there is a change in the notifiable interest of a director of a listed entity must the entity lodge an Appendix 3Y in relation to the director’s notifiable interest under listing rule 3.19A.2?",
        "feedback": "The correct answer is five business days.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
         {
            "optionId": 1,
            "optionText": "One business day."
          },
          {
            "optionId": 2,
            "optionText": "Two business days."
          },
          {
            "optionId": 3,
            "optionText": "Five business days."
          },
          {
            "optionId": 4,
            "optionText": "Fourteen days."
          }
        ]
      },
      {
        "question": "Within what period after a person ceases to be a director of a listed entity must the entity lodge an Appendix 3Z in relation to the director’s notifiable interest under listing rule 3.19A.3?",
        "feedback": "The correct answer is five business days.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "One business day."
          },
          {
            "optionId": 2,
            "optionText": "Two business days."
          },
          {
            "optionId": 3,
            "optionText": "Five business days."
          },
          {
            "optionId": 4,
            "optionText": "Fourteen days."
          }
        ]
      },
       {
        "question": "A director of a listed entity purchases shares in the entity on-market. The period within which the entity must lodge an Appendix 3Y under listing rule 3.19A.2 in relation to the purchase is 5 business days after the date … ?",
        "feedback": "The correct answer is five business days after the purchase was executed on-market",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "2",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The director placed the purchase order for the securities with his or her broker."
          },
          {
            "optionId": 2,
            "optionText": "The purchase was executed on-market."
          },
          {
            "optionId": 3,
            "optionText": "The on-market purchase was settled and the director was transferred the shares."
          },
          {
            "optionId": 4,
            "optionText": "The director gives details of the purchase to the entity."
          }
        ]
      },
       {
        "question": "Who is responsible under the listing rules for giving an Appendix 3X, 3Y or 3Z to ASX in relation a director’s notifiable interest in the securities of a listed entity under rule 3.19A?",
        "feedback": "The listed entity has that responsibility under the listing rules.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "4",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "The director."
          },
          {
            "optionId": 2,
            "optionText": "The company secretary of the listed entity."
          },
          {
            "optionId": 3,
            "optionText": "The person appointed by the listed entity under listing rule 12.6 to be responsible for its communications with ASX on listing rule matters."
          },
          {
            "optionId": 4,
            "optionText": "The listed entity."
          }
        ]
      },
       {
        "question": "Under ASIC Corporations (Disclosure of Directors’ Interests) Instrument 2016/88, disclosure by an Australian listed company of a director’s notifiable interest under rule 3.19A will also satisfy the director’s obligation to disclose that interest under section 205G of the Corporations Act. What is a consequence for the director if s 205G is not complied with?",
        "feedback": "The correct answer is the director will have committed a strict liability offence.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications.]",
        "correctAnswer": "3",
        "questionType": "single",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Nothing."
          },
          {
            "optionId": 2,
            "optionText": "The director will automatically cease to hold office."
          },
          {
            "optionId": 3,
            "optionText": "The director will have committed a strict liability offence punishable by a fine of 10 penalty units and/or 3 months in prison."
          },
          {
            "optionId": 4,
            "optionText": "The entity will need to make an ‘if not why not’ disclosure in its next Corporate Governance Statement. "
          }
        ]
      },
       {
        "question": "Which of the following statements about listing rule 3.19B are true?",
        "feedback": "All four statements above are true.",
        "hint":"[Hint: This question relates to Module 11 Directors’ interest notifications. More than one answer is required.]",
        "correctAnswer": "1,2,3,4",
        "questionType": "multi",
        "answers": [
          {
            "optionId": 1,
            "optionText": "Under rule 3.19B, an entity must: (a) make such arrangements as are necessary with a director to ensure that the director discloses to the entity all the information required by the entity to give ASX completed Appendices 3X, 3Y and 3Z within the time periods required by rule 3.19A; and (b) enforce those arrangements with the director."
          },
          {
            "optionId": 2,
            "optionText": "Rule 3.19B effectively requires the entity to enter into an agreement with each director under which the director is obliged to provide the necessary information to the entity to enable the entity to comply with rule 3.19A."
          },
          {
            "optionId": 3,
            "optionText": "Entities and directors are free to negotiate the content and form of an agreement under rule 3.19B, provided it achieves compliance with rule 3.19A."
          },
          {
            "optionId": 4,
            "optionText": "Attachment 1 to GN 22 Director Disclosure of Interests and Transactions in Securities – Obligations of Listed Entities has a pro forma letter agreement between an entity and a director which an entity may wish to consider for the purposes of rule 3.19B."
          }
        ]
      }
    ]
  }
]