AUSTRALIA: ASIC publishes consolidated Australia takeovers guidance

Friday June 21 2013

Further to the update of 14th November 2012, ASIC has published four new regulatory guides updating and consolidating policies on Australia takeovers, which replace the existing 17 guides.

The new regulatory guides cover takeover bids, substantial holdings, compulsory acquisition and buy-outs, and will also address some discrete issues ASIC has identified in its administration of the law.

The guides consolidate the bulk of ASIC policies that cover Chapters 6-6C of the Corporations Act 2001. The new guides are:

• Regulatory Guide 5 Relevant Interests and substantial holding notices (RG 5)
• Regulatory Guide 6 Takeovers: Exceptions to the general prohibition (RG 6)
• Regulatory Guide 9 Takeovers bids (RG 9)
• Regulatory Guide 10 Compulsory acquisition and buyouts (RG 10)

ASIC also released Report 350, Response to submissions on CP 193 Takeovers, compulsory acquisitions and substantial holdings: Update to ASIC guidance (REP 350). REP 350 highlights the key issues which arose from the submissions ASIC received in response to Consultation Report 193 Takeovers, compulsory acquisitions and substantial holdings: Update to ASIC guidance (CP 193).

The release of the RGs is accompanied by 11 new class orders, as well as associated forms.

Click on the above link for the news release and links to the new guidance.