Remaking of Sunsetting Instrument without Significant Amendments – Takeovers Panel
On 3 December 2020, the Takeovers Panel remade without significant amendments the Procedural Rules to be followed in Panel Proceedings (the Sunsetting Rules), which was due to sunset on 1 April 2021. The Takeovers Panel Procedural Rules 2020 (the Rules) will repeal and replace the Sunsetting Rules and will come into effect on 1 April 2021. The newly remade Rules will now sunset on 1 April 2031.
The Rules, made under the Australian Securities and Investments Commission Act 2001, set out the procedure to be followed in Panel proceedings.
Consistent with the Government’s Regulation Impact Statement requirements for sunsetting instruments, the Takeovers Panel has, after consultation with stakeholders, assessed the instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this instrument.