Corporations Act 2001
CCH note - modifying legislative instruments: The application of Ch 6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688; and the ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Note: This Chapter only applies to acquisitions of interests in a CCIV if the CCIV is a listed company: see Division 1 of Part 8B.7 .
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Hide history noteSubject to this section, applying to the Takeovers Panel under section 656A for review of an ASIC decision does not: (a) affect the operation of the decision; or (b) prevent the taking of action to implement the decision.
656B(2)
On application by a party to the proceedings before the Takeovers Panel, the Takeovers Panel may: (a) make an order staying, or otherwise affecting the operation or implementation of, the whole or a part of the decision if the Takeovers Panel considers that:
(i) it is desirable to make the order after taking into account the interests of any person who may be affected by the review; and
(b) make an order varying or revoking an order made under paragraph (a) (including an order that has previously been varied on one or more occasions under this paragraph).
(ii) the order is appropriate for the purpose of securing the effectiveness of the hearing and determination of the application for review; or
656B(3)
Subject to subsection (4) , the Takeovers Panel must not: (a) make an order under paragraph (2)(a) unless ASIC has been given a reasonable opportunity to make a submission to the Takeovers Panel in relation to the matter; or (b) make an order under paragraph (2)(b) unless:
(i) ASIC; and
(ii) the person who requested the making of the order under paragraph (2)(a) ; and
have been given a reasonable opportunity to make submissions to the Takeovers Panel in relation to the matter.
(iii) if the order under paragraph (2)(a) has previously been varied by an order or orders under paragraph (2)(b) - the person or persons who applied for the last-mentioned order or orders;
656B(4)
Subsection (3) does not prohibit the Takeovers Panel from making an order without giving to a person referred to in that subsection a reasonable opportunity to make a submission to the Takeovers Panel in relation to a matter if the Takeovers Panel is satisfied that, by reason of the urgency of the case or otherwise, it is not practicable to give that person such an opportunity. If an order is so made without giving such an opportunity to ASIC, the order does not come into operation until a notice setting out the terms of the order is served on ASIC.
656B(5)
An order in force under paragraph (2)(a) (including an order that has previously been varied on one or more occasions under paragraph (2)(b) ): (a) is subject to the conditions that are specified in the order; and (b) has effect until:
(i) if a period for the operation of the order is specified in the order - the end of that period or, if the application for review is decided by the Takeovers Panel before the end of that period, the decision of the Takeovers Panel on the application for review comes into operation; or
(ii) if a period for the operation of the order is not specified in the order - the decision of the Takeovers Panel on the application for review comes into operation.
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