---
title: "Check a securities trading policy against the minimum content rules"
url: "https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/check-a-securities-trading-policy-against-the-minimum-content-rules"
type: "task"
site: "AI Law Framework"
id: "A4-MO20261022-6"
practice_area: "Capital Markets & Securities — ECM/DCM and Disclosure"
tier: "yellow"
lawyer_review: "required"
last_reviewed: "2026-10-22"
---

# Check a securities trading policy against the minimum content rules

> From the policy, mark each item in Listing Rule 12.12 as present or missing, and record whether the policy has been given to the market announcements office.…

Canonical page: https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/check-a-securities-trading-policy-against-the-minimum-content-rules  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Capital Markets & Securities — ECM/DCM and Disclosure](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | From the policy, mark each item in Listing Rule 12.12 as present or missing, and record whether the policy has been given to the market announcements office. If a material change has taken effect, count five business days from that date. Do not write replacement clauses. |
| What the lawyer must review | The lawyer decides what the policy should say, writes any change, and authorises the release. |
| Written for / versions | 1 jurisdiction versions below |

## Checking plan

**Source-by-source verification**

Mark the policy against rules 12.9 to 12.12 and do not draft new clauses.

- What the AI does: From the policy, mark each item in Listing Rule 12.12 as present or missing, and record whether the policy has been given to the market announcements office. If a material change has taken effect, count five business days from that date. Do not write replacement clauses.
- What the lawyer does: The lawyer decides what the policy should say, writes any change, and authorises the release.
- Who reviews: Responsible lawyer with competence in the matter
- Basis: Practical workflow informed by the linked primary sources; the traffic light and working checks are editorial guidance, not a court classification.
- Why: The level reflects what the work is, the consequence of an error, and how much of the output the lawyer must independently re-derive.

## Checks the lawyer makes

1. Confirm the policy contains each of rules 12.12.1 to 12.12.5. A missing item is a gap, not a clause for the tool to write.
2. Confirm the policy was given to the market announcements office.
3. A material change must be given within five business days of the change taking effect, not of the board paper.
4. The lawyer reads the Chapter 19 definitions of closed period, key management personnel and prohibited period before the gaps are treated as closed.

## Notes

- These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.
- Guidance Note 27 was not opened. The minimum content is taken from Chapter 12.

## Sources

- [ASX Listing Rules Chapter 12](https://www.asx.com.au/content/dam/asx/rules-guidance-notes-waivers/asx-listing-rules/rules/Chapter12.pdf) (checked 2026-10-22)

## Jurisdiction versions

| Jurisdiction | Level |
| --- | --- |
| [United States](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/check-a-securities-trading-policy-against-the-minimum-content-rules/united-states.md) | Yellow |

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*