Panel Documents The Takeovers Panel

Panel documents

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The Panel issues several types of documents and publishes a number of documents on this website. These documents include:

  • Statements of Decisions and Reasons, such as:
    • the text of any declarations of unacceptable circumstances, decisions not to make such declarations and any orders made under s657D or s657E of the Corporations Act
    • the text of any decisions that the Panel makes in reviewing decisions by ASIC, under the Panel's powers under s656A, in reviewing decisions by the Panel, under the Panel's powers under s657EA, or in reviewing a reference from a Court, under the Panel's powers under s657EB of the Corporations Act and
    • the reasons for those decisions
  • Policies and Procedures, including:
    • the Panel's guidance notes and
    • information on how the Panel intends to go about making rules pursuant to s658C of the Corporations Act and rules pursuant to s195 of the ASIC Act
  • Media Releases, including those:
    • on administrative and Executive matters, such as new staff and new Panel members
    • notifying the public of policy and procedural matters, and stating things of record, such as the making of a declaration of unacceptable circumstances and
    • alerting the market, investors and participants to issues which the Panel considers are urgent enough not to wait for the normal policy consultation and development process, or to the normal times for the completion of proceedings and
  • Rules, including procedural rules. The Panel will also publish any substantive rules on this website (although no substantive rules are currently in force). See Rules below for further information.


The Panel can make rules under two provisions:

  • section 658C of the Corporations Act. These are substantive rules to clarify or supplement Chapter 6. The President may make these rules after consultation with the members of the Panel. They must be gazetted and the Minister may disallow them.
  • section 195 of the ASIC Act. These are procedural rules to be followed in Panel proceedings. The procedural rules are registered under the Legislative Instruments Act 2003 (Cth).

Substantive rules

Substantive rules are designed to reduce uncertainty and promote the objectives of Chapter 6, which are set out in section 602. They are intended to allow the Panel to respond to new developments or market conditions.

Substantive rules must not be inconsistent with the Corporations Act or regulations. The Panel currently has no substantive rules.

Procedural rules

Procedural rules are designed to promote the efficient handling of Panel proceedings and for procedural fairness.

Procedural rules must not be inconsistent with the ASIC Act or regulations.


Generally, the Panel seeks comments from the public, ASIC and Treasury before making a rule that involves an area of significant regulatory policy.1 The public are invited to comment on the policy of the proposed rule as well as the text. This assists with the identification of any policy or drafting weaknesses, and helps ensure that the rule is well understood when it commences.

If a rule is needed urgently, the consultation period may be short. In some cases an interim rule may be made pending consultation.

The Panel welcomes submissions on improvements that might be made to its rules or areas that might benefit from the making of a rule. Submissions should address:

  1. any examples that show how the existing position is unsatisfactory;
  2. possible options for a rule;
  3. any discussions that have taken place with ASIC or Treasury; and
  4. if applicable, how the proposal relates to the policy in section 602.

You can provide comments via email to

1 See the Commonwealth Government's Guide to Regulation, issued by the Office of Regulation Review

2 References are to the Corporations Act 2001 (Cth) unless otherwise indicated

3 Such rules must not be inconsistent with the Corporations Act or Regulations and the purposes of s602 must have been considered

4 Australian Securities and Investments Commission Act 2001(Cth)