The Australian Securities and Investment Commission (ASIC) recently announced changes to key regulations regarding the Takeovers Panel’s (Panel) process of decision-making.
These amendments are expected to further streamline the Panel’s process and efficiency.
The main amendments are:
- The Panel is no longer required 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 to the parties and the market faster. Reasons for these decisions will be provided later to the parties and the market.
- The Panel is no longer required to make and retain a transcript of the proceedings of a conference.
- Electronic conferencing is to be used, so as to ensure that a person is able to attend a conference without being physically present at the nominated location of the conference.
Full details of the changes can be accessed via the Corporations and Australian Securities and Investments Commission Amendment Regulation 2013 (No. 1).
Mr Allan Bulman, Director of Takeovers Panel stated that the Panel has determined nearly 400 applications since it was revitalised on 13 March 2001. These amendments will assist the Panel in making commercial, consistent and timely decisions.
The panel has had 10 applications in the year to date, compared with 25 for all of 2012 and 16 for 2011.
The amendments have been generally welcomed by lawyers and bankers. This is a view shared by HopgoodGanim as the streamlined process will assist in expediting any Panel application outcome for the benefit of its clients and the greater market.