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.