THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.10 - REVIEW AND INTERVENTION

Division 2 - The Corporations and Securities Panel

Subdivision A - Review of ASIC's exercise of its exemption or modification powers

SECTION 656A   REVIEW OF EXERCISE OF EXEMPTION OR MODIFICATION POWERS  

656A(1)  (Powers of Panel)  

The Panel may review:

(a)  a decision of ASIC under section 655A; or

(b)  a decision of ASIC under section 673 in relation to securities of the target of a takeover bid during the bid period.

For these purposes, decision has the same meaning as in the Administrative Appeals Tribunal Act 1975.

656A(2)  [Application for review]  

An application to the Panel for review of the decision may be made by any person whose interests are affected by the decision.

656A(3)  [Functions of Panel]  

For the purpose of reviewing the decision, the Panel may exercise all the powers and discretions conferred on ASIC by this Chapter or Chapter 6C. The Panel must make a decision:

(a)  affirming the decision; or

(b)  varying the decision; or

(c)  setting aside the decision and:

(i) making a decision in substitution for the decision under review; or

(ii) remitting the matter for reconsideration by ASIC in accordance with any directions or recommendations of the Panel.

656A(4)  [Decision in writing]  

The decision must be in writing and published in the Gazette.

656A(5)  [Variation or substitution of ASIC decision]  

If the Panel varies an ASIC decision, or makes a decision in substitution for an ASIC decision:

(a)  the ASIC decision as varied, or the substituted decision, is taken for all purposes (other than the purposes of applications to the Panel for review in accordance with this section) to be a decision of ASIC under section 655A; and

(b)  when the Panel's determination on the review comes into operation, the ASIC decision as varied, or the substituted decision, has effect, or is taken to have had effect, on and from the day on which the ASIC decision has or had effect.

Paragraph (b) applies unless the Panel otherwise orders.