How We Consult
The Panel can make:
- rules under section 658C2 to clarify and supplement the operation of chapter 63
- procedural rules under section 195 of the ASIC Act4 and
- guidance notes, which elaborate on policy that the Panel considers in control transactions.
It is Panel policy that generally the Panel will seek public input into such documents.
In addition to statutory requirements, the process the Panel will usually adopt when making rules or issuing guidance notes is as follows.
- The Panel will appoint a sub-committee to consider a proposal for a rule or policy guidance. Sub-committees may include non-Panel members. The sub-committee works with the Panel executive to prepare a recommendation.
- In the development phase, there may be private consultation or testing with third parties, including ASIC, on an informal basis.
- The proposal as developed by the sub-committee is put to the full Panel for approval prior to public consultation.
- The proposal, if approved, will be issued for public consultation. The Panel may identify specific issues on which it seeks views as well as seeking general comments. The Panel will normally:
- publish a consultation draft on its website. Consultation papers are listed on our Consultation Papers page.
- issue a media release advising of the consultation draft and
- allow an appropriate time for responses (usually about 6 weeks).
- After the consultation period, the Panel considers the comments received and will publish its final document (or its conclusion that no amendments are necessary) on its website. The Panel reserves the right to make changes to the consultation draft in response to submissions or otherwise.
- The Panel may publish a response document to the submissions received on the consultation draft. This may include its reasons for making amendments from the consultation draft. Panel policy is that submissions by parties on a consultation draft may be made public unless the respondent requests confidentiality.
Consulting with the public and the market when developing rules and policy guidance is not only good public policy and consistent with the approach taken by other public bodies, but assists with:
- acceptance of the proposal
- achievement of the aims of the proposal, with fewer unintended consequences or loopholes and
- better response to changing circumstances.
Sources of policy
Proposals for rules or policy guidance can come from any source, including members of the Panel, third parties or the Panel executive. The Panel welcomes submissions (email email@example.com).
Proposals may be generated from issues that come before the Panel, problems a third party encounters or changes in takeover practice or the law.