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Australia : ASIC releases consolidated guidance on takeovers.

ASIC 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 ASIC 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

Regulatory Guide 6 Takeovers: Exceptions to the general prohibition

Regulatory Guide 9 Takeovers bids

Regulatory Guide 10 Compulsory acquisition and buyouts

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

'One of ASIC'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 ASIC's approach to many key M&A issues more transparent.'

It is timely for ASIC 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, Commissioner Price said.

ASIC today also released Report 350 Response to submissions on CP 193 Takeovers, compulsory acquisitions and substantial holdings: Update to ASIC guidance.

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


In November 2012 ASIC 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 ASIC's current view on various takeovers issues.

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

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Publication:Mena Report
Date:Jun 21, 2013
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