CP 234 Remaking ASIC class orders on takeovers and schemes of arrangement
Released 4 August 2015. Comments due 2 October 2015.
This consultation paper sets out ASIC’s proposals to remake a number of our class orders relating to takeovers and schemes of arrangement into ASIC instruments. Under the Legislative Instruments Act 2003, these class orders will expire (‘sunset’) if not remade.
We are seeking feedback from law firms, industry and other interested parties on our proposals to remake, without significant changes, the following class orders:
- Class Order [CO 05/850] Unsolicited offers under a regulated foreign takeover bid and Class Order [CO 02/259] Downstream acquisitions: foreign stock markets, which are due to expire on 1 April 2016;
- Class Order [CO 00/2338] Relief from the minimum bid price principle—s621(3), which is due to expire on 1 October 2016;
- Class Order [CO 02/249] Approved overseas financial markets—s257B(7) and Class Order [CO 04/523] Investor directed portfolio services takeover relief, which are due to expire on 1 April 2017; and
- Class Order [CO 09/459] Takeovers relief for accelerated rights issues, which is due to expire on 1 October 2019.
Read the report on submissions