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ARTICLE · 18 JUNE 2007

Government’s Corporation Reform Package – Takeovers

DLA Piper Australia
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On 24 May 2007, the Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007 was presented to Parliament for its Second Reading speech. The Bill is intended to simplify aspects of the current regulatory system but it is of note that the Bill itself exceeds 70 pages and the Explanatory Memorandum exceeds 180 pages.

AustraliaCorporate/Commercial Law
Jonathan Namey
Jonathan Namey
Michael Reed
Michael Reed

On 24 May 2007, the Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007 was presented to Parliament for its Second Reading speech. The Bill is intended to simplify aspects of the current regulatory system but it is of note that the Bill itself exceeds 70 pages and the Explanatory Memorandum exceeds 180 pages.

The reforms follow the recommendations in the ‘Rethinking Regulation’ report of the Banks Taskforce on Reducing the Regulatory Burden on Business and the release of the Corporate and Financial Services Regulation Review Proposals Paper (Proposals Paper) in November 2006.

This update addresses the reforms specific to the takeover provisions of the Corporations Act 2001 (Cth). The reforms to Chapter 5 Fundraising Activities, Chapter 7 Financial Services and the general corporate governance and company reporting requirements are discussed in separate client updates.

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