Released 14 September 2000. Comment closed 15 November 2000.

The Corporate Law Economic Reform Program Act 1999 rewrote the provisions of the Corporations Law governing takeovers. These are contained in Chapters 6 to 6C.

Anomalies and issues in Chapters 6 to 6C have arisen from practical experience following commencement of the CLERP Act in March 2000. Many of the anomalies were identified as a result of applications to us for relief.

Some of the anomalies may be the subject of legislative amendment. The development of legislation is a matter for the Government and Parliament.

As the administrator of the Law we have had, and will continue to have, discussions with the Commonwealth Department of the Treasury about our policy proposals and possible legislative amendment. We consider that in the interim our policy proposals, including proposed class orders, will promote certainty in the operation of the takeovers provisions and contribute to the development of any legislative amendments.

This policy proposal paper deals only with anomalies and issues that we consider we can resolve pending legislative amendment.

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