The Takeovers Panel is responsible for:
- reviewing decisions of the Australian Securities and Investments Commission (ASIC) under section 656A of the Corporations Act 2001 (Cth) (Corporations Act)
- deciding whether unacceptable circumstances exist in relation to control transactions in Australian bodies under section 657A of the Corporations Act and
- policy in relation to takeovers under chapter 6 of the Corporations Act and other control transactions, which provides guidance to market participants (including in relation to what circumstances the Panel may consider unacceptable).
In performing its functions and administering the legislation, the Panel may collect, hold, use or disclose personal information (ie, information or an opinion about an identified individual, or an individual who is reasonably identifiable).
The Privacy Act 1988 (Privacy Act) regulates how the Panel is to collect, hold, use and disclose personal information and how you can access and correct it. The Privacy Act does not apply to information about corporate entities, businesses, firms or trusts. See www.oaic.gov.au.
This policy sets out how the Panel complies with the Privacy Act. Other privacy laws may operate alongside the Privacy Act - see for example the confidentiality obligation in section 186 of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act). 1
Personal information about you may be collected by the Panel from you, your representative or a third party or another agency (eg, an applicant may provide information about you). Personal information may also be provided by the public. The Panel generally uses forms and email to collect this information. Such information is only collected for a purpose that is reasonably necessary for, or directly related to, a function or activity of the Panel.
In relation to Panel applications, the Panel may collect personal information in applications and other submissions prior to the Panel deciding whether to conduct proceedings, in submissions in response to Panel briefs and evidence provided in conferences2. If the Panel was not able to collect personal information in these circumstances, its decision making processes would be adversely affected. Personal information may be disclosed to parties.3 The Panel may refer to personal information in a decision media release, declaration of unacceptable circumstances, orders or reasons.4 The Panel does not usually receive requests to provide personal information to overseas recipients. In the event the Panel received a request from an overseas body, it would consider (among things) its obligations under s186 of the ASIC Act and the Privacy Act.
When the Panel collects your personal information for other purposes, it may notify you of a number of matters, including:
- the purposes for which it is collected
- whether the collection is required or authorised by law and
- to whom it is usually disclosed.
The Panel collects, holds uses and discloses personal information, including in relation to:
- the performance of its legislative and administrative functions, primarily considering applications made to the Panel. The Panel’s procedures provide for all parties to proceedings, and ASIC, to be given the information that the Panel considers
- policy development. Submissions are made to the Panel in response to public consultation. Submissions are made public
- the management of contracts
- correspondence with the Minister, Treasury or other agencies or the public
- the provision of legal advice by internal and external lawyers and
- personnel and staffing, including secondments.
The Panel is subject to section 186 of the ASIC Act and the Freedom of Information Act 1982.
The Panel holds personal information in paper-based and electronic records. Its storage (and disposal) is managed in accordance with the Australian Government records management regime, including the Archives Act 1983, Records Authorities and General Disposal Authorities. This ensures that personal information is held securely.
The kinds of personal information that may be collected include:
- your name, address and contact details
- information about your occupation, business and financial interests and
- occasionally (eg, in association matters) information about your family and other personal connections.
Individuals may have the option to remain anonymous or adopt a pseudonym when dealing with the Panel. However in the case of applications, the Panel is required to determine whether an applicant has standing to make an application. The Panel also is required to consider whether a party or any other person is adversely affected by a Panel decision. Applicants and parties are required to be identified. In those cases, it is not possible to remain anonymous or adopt a pseudonym.
In relation to the provision of submissions generally, responses to consultation and general inquiries; there may be some limitations on the Panel’s ability to provide assistance or advice if a person communicates with the Panel anonymously.
Most of the Panel’s communications are electronic (eg, email). There are risks associated with this. If this is of concern, you should contact the Panel (see contact details below) to discuss other methods of communication such as post or fax, although these also have risks.
Treasury operates the IT system for the Panel and will receive details of your email address if you send a message to, or register for a subscription service with, the Panel. Treasury will not use your email address for any other purpose, and will not disclose it, without your consent.
The Panel may record your email address in a contacts list (eg, professionals) to, for example, contact you to obtain feedback on the Panel’s operations after your proceeding is completed. You may request removal of your details from the list.
The Panel will deal promptly with any accidental or unauthorised disclosure of personal information. Legislative or administrative sanctions may apply to unauthorised disclosures.
Records held in the Panel are restricted to authorised persons. Electronic and paper records containing personal information are protected in accordance with Australian Government security policies.
The Panel’s website is managed by Treasury. Generally, any personal information collected from the website is volunteered. If you visit our website to read or download information, Treasury records technical information (via ‘cookies)’ which does not reveal your identity. This information is used for statistical and development purposes. When you visit the site the following information will be recorded by The Treasury or its service providers for statistical purposes:
- a record of your server address
- the top level domain name (for example, .com, .gov, .au)
- the date and time of your visit to the site
- the pages accessed and documents downloaded
- the previous site visited and
- the type of browser that you use.
We do not use any cookies on any area of the site that is accessible to the public.
No attempt is made to identify you through your browsing other than in exceptional circumstances, such as an investigation into improper use of the website.
The Panel is not responsible for the content and privacy practices of websites linked to its website.
The Panel is required to take contractual measures to ensure that contracted service providers (including sub-contractors) comply with the privacy requirements applicable to the Panel.
You have a right under the Privacy Act to access, and request corrections to, personal information the Panel holds about you. The Act sets out when the Panel can decline access or correction.
To seek access or a correction, contact the Panel (see contact details below). You may also use the Freedom of Information Act 1982.
The Panel may disclose personal information to overseas parties to a matter.
The Panel may also, on occasion, disclose it to:
- overseas researchers or consultants (with consent or as otherwise legally able)
- recipients using a web-based email account where data are stored on an overseas server
- foreign governments and law enforcement agencies (if authorised by law).
If you think the Panel has breached your privacy rights you may contact it. We will respond to you promptly if you provide your contact details, and will take your complaint seriously. You will not be victimised or suffer negative treatment.
You also have the option of contacting the Federal Privacy Commissioner on 1300 363 992. If you do this, the Commissioner may recommend you try to resolve the complaint directly with the Panel first.
If you want a printed copy of this policy (free of charge), contact the Panel.
If you wish to:
- ask how your personal information is collected, held, used or disclosed
- ask questions about this policy
- seek access to or correction of your personal information
- make a complaint about a breach of your privacy or
- receive a printed copy of this policy,
contact the Panel using the following contact details:
Director, Takeovers Panel
Level 10, 63 Exhibition St, Melbourne, 3000
Tel: 03 9655 3500
Fax: 03 9655 3511
1 which incorporates the obligations in section 127 of the ASIC Act
3 parties other than ASIC are subject to confidentiality undertakings. ASIC is subject to the Privacy Act and confidentiality obligations in s127 of the ASIC Act
4 after receiving submissions from parties and other persons who may be affected by the relevant Panel decision