The New Takeovers Panel: Key issues & Developments C Australian Securities & Investments Commission Richard Cockburn October 2001

ASIC’s Role before the Panel Post CLERP No registration of documents Chapter 6D applied to scrip offers Open access to the Panel Wider jurisdiction of the Panel

ASIC’s Role before the Panel ASIC ‘s general position in Takeover disputes is: It will not intervene where parties are able to adequately represent their own interests and those interests protect the retail shareholders.

ASIC’s Role before the Panel ASIC will generally not support one party or the other, usually confining itself to issues of policy, practice or interpretation of relevant sections. ASIC is usually treated as a party in hearings Must be consulted before declaration or orders (s657A & 657D)

ASIC’s Role before the Panel Other assistance to the Panel Limited investigations Vesting shares for disposal Share information Post decision follow up.

ASIC’s Role before the Panel Our aims include: Panel consistency of policy Ensuring application of other chapters in the Act is consistent

Regulatory Issues & the Panel Speed of response in market matters is a very significant aspect of regulation

Regulatory Issues & the Panel ASIC has a broad responsibility of confidence in the market & financial system. It is frequently focused on the future impact of the current transcation

Regulatory Issues & the Panel Are we likely to see more prosecutions in M & A ?