• ASX settled proceedings with ASIC regarding misleading statements from 2022
• ASX admitted to contravention of ASIC Act provisions
• ASX to pay $20.5 million penalty and $3 million in legal costs
• CHESS project on firmer footing after reset
• No further proceedings to trial

ASX Limited has announced the settlement of legal proceedings brought by the Australian Securities and Investments Commission (ASIC) in relation to misleading statements made in 2022 about the status of the previous CHESS project. ASIC had commenced civil proceedings against ASX in August 2024, alleging that three statements made in 2022 were misleading and contravened sections 12DA and 12DB of the ASIC Act. As part of the settlement, ASX will pay a penalty of $20.5 million and contribute $3 million to ASIC's legal costs. The settlement also resolves allegations regarding other statements about the CHESS project. ASX Chair David Clarke expressed regret over the situation and emphasized the importance of market confidence in ASX's operations. The CHESS project is now on firmer footing, with the team having successfully delivered Release 1 of the new system.