AUSTRALIA: Treasury consultation on ASIC Australia takeover proposals

Friday October 5 2012

The Department of the Treasury has released an initial scoping paper on policy issues raised by the Australian Securities and Investments Commission (ASIC) regarding Australia takeovers law.

The Treasury scoping paper will form the basis of a series of targeted roundtables which Treasury will convene with key business, legal and markets stakeholders to discuss ASIC`s concerns.

The outcome of the roundtable series will then inform a more comprehensive discussion paper on ASIC`s recommendations and potential policy responses, as part of an extensive engagement process with the business community, legal experts and other interested parties.

ASIC has highlighted the areas of creeping acquisitions, the use and disclosure of equity derivatives, clarity of takeover proposals, the issue of association and the impact of new media as areas which may need to be addressed.

The Treasury will undertake a thorough and methodical analysis of the issues involved, based on extended consultation with industry, before providing advice to the Government.

Click on the above link for more details.