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 .
View history note
Hide history noteThe following may apply under this section for review by the Takeovers Panel of a decision of the Takeovers Panel made on an application under section 657C : (a) a party to the proceedings in which the decision was made; or (b) ASIC.
For these purposes, decision has the same meaning as in the Administrative Appeals Tribunal Act 1975 .
[ CCH Note: S 657EA(1) will be amended by No 38 of 2024, s 3, Sch 1 [ 58], by substituting " Administrative Review Tribunal Act 2024 " for " Administrative Appeals Tribunal Act 1975 " , (effective 14 October 2024).]
657EA(2)
If the decision is not: (a) a decision to make a declaration under section 657A ; or (b) a decision to make an order under section 657D or 657E ;
the person may apply for review only with the consent of the President of the Takeovers Panel.
657EA(3)
The regulations may provide for the time limits within which an application may be made for review of a decision.
Note: Regulations made under the ASIC Act deal with the constitution of the Takeovers Panel for the purposes of conducting a review under this section and the procedures to be followed in conducting the review.
657EA(4)
After conducting a review under this section, the Takeovers Panel may: (a) vary the decision reviewed; or (b) set aside the decision reviewed; or (c) set aside the decision reviewed and substitute a new decision.
In conducting the review, the Takeovers Panel has the same power to make a declaration under section 657A , or an order under section 657D or 657E , as it has when it is considering an application under section 657C .
657EA(5)
Despite section 657B , the Takeovers Panel can only make a declaration under section 657A after conducting a review under this section if the declaration is made within: (a) 3 months after the circumstances in relation to which the declaration is made occur; or (b) 1 month after the application for review was made;
whichever ends last. The Court may extend the period on application by the Takeovers Panel.
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