Friday July 26 2013

News Source: Global Disclosures

Focus: Takeover and Acquisition

Type: General

Country: Australia




In a move to enhance the processes of the Australian Takeovers Panel, The Corporations and Australian Securities and Investments Commission Amendment Regulation 2013 (No. 1) came into effect today. The amendments:

  • Remove the requirement for the Panel to provide reasons at the time of notifying persons that the Panel has decided not to conduct proceedings. This will enable the Panel to communicate decisions not to conduct proceedings to the parties and the market faster. Reasons for these decisions will be provided later to the parties and the market.
  • Remove the requirement for the Panel to make and retain a transcript of the proceedings of a conference.
  • Facilitate the use of Panel conferences by specifically allowing electronic conferencing to be used and ensuring that a person is able to attend a conference without being physically present at the nominated location of the conference.

The amendments aim to assist the Takeovers Panel in making consistent and timely decisions.

Please click on the above link for the Amendment Regulation.