The revised version of Guidance Note 2: Reviewing Decisions published by the Takeovers Panel reflects recent changes to the Australian Securities and Investments Commission Regulations 2001 (Cth) to remove the obligation on the Panel to provide reasons at the time the Panel advises parties that it will not conduct proceedings in relation to the review of a decision.

The Takeovers Panel has released a revised version of its Guidance Note 2: Reviewing Decisions which deals with the review of decisions by the Panel - either on review of an initial Panel decision or of an ASIC decision regarding modification of chapters 6 or 6C of theCorporations Act 2001 (Cth). The amendments relate principally to a recent amendment to Regulation 21(2)(c) of the Australian Securities and Investments Commission Regulations 2001 (Cth), which removes the obligation on the Panel to provide reasons at the time the Panel advises parties that it will not conduct proceedings. The new Guidance Note also reflects some minor corrections to inconsistencies and errors that were made in the original Guidance Note 2.

See the media release dated 2 April 2014 and a marked up version of Guidance Note 2.