13-148MR ob体育 releases consolidated guidance on takeovers

media release (13-148MR)

ob体育 releases consolidated guidance on takeovers

Published 21 June 2013

ob体育 has today released four new regulatory guides updating and consolidating our policies on takeovers.

The new regulatory guides cover takeover bids, substantial holdings, compulsory acquisition and buy-outs, and will also address some discrete issues ob体育 has identified in its administration of the law.

The guides consolidate the bulk of our policies that cover Chapters 6-6C of the Corporations Act 2001. The new guides are:

Regulatory Guide 5 Relevant Interests and substantial holding notices (RG 5)
Regulatory Guide 6 Takeovers: Exceptions to the general prohibition (RG 6)
Regulatory Guide 9 Takeovers bids (RG 9)
Regulatory Guide 10 Compulsory acquisition and buyouts (RG 10).

The release of the RGs is accompanied by 11 new class orders referred to in our guidance, as well as associated forms.

'One of ob体育's strategic priorities is to ensure that our market is fair and efficient and issuing guidance for the market is one way to achieve our aim. By consolidating 17 of our existing regulatory guides into four, we have made our regulatory guidance clearer, more certain and more accessible for investors and companies,' Commissioner John Price said.

'The update also means our guidance is more relevant for the market and makes ob体育's approach to many key M&A issues more transparent.'

鈥業t is timely for ob体育 to refresh our very extensive body of guidance in relation to takeovers. These regulatory guides include policy on topical issues, including rights offerings that have control implications, and the use of institutional acceptance facilities in takeover bids,鈥� Commissioner Price said.

ob体育 today also released Report 350 Response to submissions on CP 193 Takeovers, compulsory acquisitions and substantial holdings: Update to ob体育 guidance (REP 350).

REP 350 highlights the key issues which arose from the submissions ob体育 received in response to Consultation Report 193 Takeovers, compulsory acquisitions and substantial holdings: Update to ob体育 guidance (CP 193).

Background

In November 2012 ob体育 released CP 193, in which we proposed to consolidate 17 existing regulatory guides into four new regulatory guides and to update and reissue a number of class orders relating to the new regulatory guides. The aim of the consolidation was to establish a more cogent body of takeovers policy that was easy to navigate and which outlined ob体育's current view on various takeovers issues.

ob体育 received seven submissions in response to CP 193. Respondents were generally supportive of ob体育's proposal to consolidate and update its guidance.

Download:

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(View non-confidential submissions to CP 193)

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[CO 13/518]听Revocation of takeover class orders

[CO 13/519]听Changing the responsible entity