1. The New Takeovers Panel: Key issues & DevelopmentsC
Australian Securities &
Investments Commission
Richard Cockburn
October 2001

2. 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

3. 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.

4. 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)

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

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

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

8. 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

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