BSP Financial Group Files Director Shareholding Change Five Days Late
BSP Financial Group has explained the late filing of a director’s shareholding change, attributing it to delayed confirmation from a financial advisor, while reaffirming its compliance policies.
- Late Appendix 3Y lodgement due to delayed share purchase confirmation
- Director Donna Cooper’s share acquisition occurred within trading window
- BSP’s Securities Dealing Policy governs director disclosures
- Company considers current compliance arrangements adequate
- Plans to reinforce disclosure obligations at upcoming board meeting
Background to the Late Disclosure
BSP Financial Group Limited (BFL) recently addressed an ASX query concerning the delayed lodgement of an Appendix 3Y notice, which reports changes in a director’s shareholding. The notice, relating to Director Donna Cooper’s acquisition of BSP shares, was filed on 26 November 2025, several days after the transaction date of 18 November 2025.
The delay stemmed from a lag in receiving formal confirmation of the share purchase from the director’s financial advisor, Rival Wealth, and the custodial service Adminis Custodial. Despite the transaction occurring within the permitted trading window, the official notification was only received days later, which postponed the company’s ability to promptly notify the market.
Compliance Framework and Company Response
BSP Financial Group highlighted that its Securities Dealing Policy requires directors to notify the company secretary immediately after completing any dealings in company securities. Directors are regularly reminded of these obligations, particularly at the opening of trading windows.
In response to the ASX’s concerns, BSP affirmed that it believes its current arrangements are sufficient to ensure compliance with Listing Rules 3.19A and 3.19B. The company plans to reiterate these responsibilities at the next board meeting to reinforce timely disclosures and prevent future delays.
Implications for Market Transparency
While the late filing did not appear to involve any trading outside the permitted window or undisclosed interests, the incident underscores the challenges companies face in coordinating timely disclosures, especially when reliant on third-party custodians and advisors. BSP’s transparent communication with the ASX and swift corrective actions reflect a commitment to maintaining market integrity.
Investors and regulators alike will be watching closely to see if BSP’s measures effectively prevent recurrence, as timely disclosure of director interests remains a cornerstone of investor confidence and regulatory compliance.
Bottom Line?
BSP’s handling of this disclosure delay will test its compliance rigor and market trust going forward.
Questions in the middle?
- Will BSP enhance its monitoring of third-party custodial confirmations to avoid future delays?
- Could this incident prompt ASX to tighten enforcement or guidance on director disclosures?
- How might investors interpret BSP’s assurances amid broader scrutiny of governance practices?
