ASIC has released a new guide, Regulatory Guide 193: Notification of directors’ interests in securities – listed companies 
(RG 193), which
provides information on how directors of listed companies should comply
with the disclosure requirements created by section 205G of the
Corporations Act.

The guide covers the definition of ‘relevant
interests’ and ‘securities’, circumstances where notification is not
required and the identification of breaches.

It also covers the factors ASIC will take into
consideration when determining whether to take action against a
director by referring the matter to the Commonwealth Director of Public Prosecutions. These factors include the
amount of a company’s shares in question, whether a market announcement
was made at or shortly after the time a notice should have been lodged
and whether there have been any other instances of late lodgement of a
notice by a director.

UPDATE: ASX Review of Trading by Directors