Announcement date
28 September 2023
Link to announcement
Media release
Problem being addressed
These instruments relate to takeovers, compulsory acquisitions and relevant interests under Chapters 6, 6A and 6C of the Corporations Act 2001. The relief contained in them has been in place for over 20 years in predecessor instruments and provides technical relief and clarifications to:
- improve the operation of the provisions in light of developments and innovations observed in the market over time, including consolidating individual relief; and
- address technical issues and anomalies identified in the course of ASIC’s administration of the provisions.
Proposal
Remake the following 7 sunsetting instruments on Tuesday 26 September 2023 without significant changes:
- Class Order [CO 13/519] Changing the responsible entity;
- Class Order [CO 13/521] Takeover bids;
- Class Order [CO 13/522] Compulsory acquisitions and buyouts;
- Class Order [CO 13/524] Bidder giving substantial holding notice;
- Class Order [CO 13/525] On-sale disclosure relief for scrip bids and schemes of arrangement;
- Class Order [CO 13/526] Warrants: Relevant Interests and associations; and
- Class Order [CO 13/528] Changes to a bidder’s statement between lodgement and dispatch.
Assessed Impact Analysis outcome
Sunsetting instrument
Assessment comments
Consistent with the Australian Government Guide to Policy Impact Analysis requirements for sunsetting instruments, ASIC has, after consultation with stakeholders, assessed the instruments as operating effectively and efficiently. Therefore, a detailed Impact Analysis is not required.
Regulatory burden
No change in regulatory costs.