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ARTICLE · 31 MAY 2017

A new understanding between ASIC and the Takeovers Panel

McCullough Robertson
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This MOU does indicate a more open dialogue to develop policy that promotes a clear and consistent regulatory framework.

AustraliaFinance and Banking
Jim Peterson
Jim Peterson
Ben Wood
Ben Wood
Jeremy Harrison
Jeremy Harrison
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A new memorandum of understanding (MOU) between the Takeovers Panel (the Panel) and ASIC was recently released, replacing the previous MOU signed in August 2001.

While the new MOU continues to reinforce the separate, but complementary roles of the Panel and ASIC (to regulate takeovers and control transactions), a comparison against the previous MOU shows a change in tone and approach between the two bodies.

The description of ASIC's role has shifted from an almost exclusive focus on contravention to a broader outcomes based approach, recognising the need for greater facilitation of transactions at the same time as maintaining investor protections, together with further guidance on ASIC's approach in exercising its discretion under the Corporations Act 2001 (Cth).

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