Consultations

The Panel undertakes public consultation in relation to developing rules and policy. The public consultation process helps market participants understand the objectives of the Panel’s proposals and allows the Panel to consider feedback from its stakeholders in formulating those proposals.

Proposals for rules or policy guidance can come from any source, including members of the Panel, third parties or the Panel Executive. Such proposals may be generated from issues that come before the Panel, problems a third party encounters or changes in takeovers practice or the law. The Panel welcomes submissions (which can be made via email to the Panel Executive at takeovers@takeovers.gov.au).

The Panel generally publishes all submissions received during the public consultation process (unless the respondent requests confidentiality). The Panel also publishes a response to submissions addressing the main comments received and the Panel’s reasons for adopting or rejecting them. For further information regarding the Panel’s approach to public consultations, please refer to the Public consultations process page.

Current Consultations

There are no current consultations.

Past Consultations

Consultation period Sort ascending	Subject	Consultation paper	Submissions	Response statement
14 December 2022 - 28 February 2023	Insider Participation in Control Transactions	Document Consultation Paper - Guidance Note 19 - Insider Participation in Control Transactions [865.88 KB]	Document Submissions [1002.5 KB]	Document Guidance Note 19 Insider participation in control transactions - Public Consultation Response Statement [1.86 MB]
14 December 2022 - 28 February 2023	Deal Protection	Document Consultation Paper - Guidance Note 7 - Deal Protection [1.15 MB]	Document Submissions [3.79 MB]	Document Guidance Note 7 Deal protection - Public Consultation Response Statement [4.79 MB]
2 October 2020 - 23 October 2020	Procedural Rules	Document Consultation Paper – Remaking of Procedural Rules [1.26 MB]	Document Submissions [630.79 KB]	Document Remaking of Procedural Rules – Public Consultation Response Statement [3.1 MB]
10 April 2019 - 31 May 2019	Equity Derivatives	Document Consultation Paper - Guidance Note 20 – Equity Derivatives [677.69 KB]	Document Submissions [4.35 MB]	Document Guidance Note 20 Equity Derivatives - Public Consultation Response Statement [5.56 MB]
14 March 2018 - 20 April 2018	Unacceptable Circumstances (Truth in Takeovers)	Document Consultation Paper – Guidance Note 1 – Unacceptable Circumstances [331.82 KB]	Document Submissions [3.23 MB]	Document Guidance Note 1- Unacceptable Circumstances – Public Consultation Response Statement [3.75 MB]
23 February 2018 - 6 April 2018	Rights Issues	Document Consultation Paper – Guidance Note 17 – Rights issues [254.08 KB]	Document Submissions [646.11 KB]	Document Guidance Note 17 Rights issues – Public Consultation Response Statement [1.83 MB]
14 September 2016 - 24 October 2016	Frustrating Action	Document Consultation Paper – Guidance Note 12 Frustrating Action [445.08 KB]	Document Submissions [588.66 KB]	Document Re-write of Guidance Note 12 Frustrating Action – Public Consultation Response Statement [1.08 MB]
2 September 2016 - 14 October 2016	Remedies (undertakings)	Document Consultation Paper – Guidance Note 4 Remedies General [176.5 KB]	Document Submissions [205.08 KB]	Document Amendment of Guidance Note 4 Remedies General – Public Consultation Response Statement [643.78 KB]
6 October 2015 - 26 October 2015	Funding Arrangements (clarifications following ASIC v Mariner)	Document Consultation Paper – Revision of GN 14 Funding arrangements [318.03 KB]	Document Submissions [703.75 KB]	Document Amendment of Guidance Note 14 – Public Consultation Response Statement [998.93 KB]
7 July 2015 - 1 September 2015	Shareholder Intention Statements	Document Consultation Paper – GN on Shareholder Intention Statements [174.07 KB]	Document Submissions [3.18 MB]	Document GN 23 Shareholder Intention Statements – Public Consultation Response Statement [3.55 MB]
16 March 2015 - 15 April 2015	Reviewing Decisions (consent to a review)	Document Consultation Paper – GN 2 Reviewing Decisions [171.29 KB]	Document Submissions [183.56 KB]	Document Amendment of GN 2 and GN 4 – Public Consultation Response Statement [506.15 KB]
16 March 2015 - 10 April 2015	Remedies (undertakings)	Document Consultation Paper - GN 4 Remedies General [178.96 KB]	Document Submissions [183.56 KB]	Document Amendment of GN 2 and GN 4 – Public Consultation Response Statement [506.15 KB]
10 January 2014 - 28 February 2014	Takeover Documents (accessible documents)	Document Consultation Paper – Amendments to GN 18 Takeover Documents [464.79 KB]	Document Submissions [1.94 MB]	Document Amendment of GN 18 – Public Consultation Response Statement [2.55 MB]
10 January 2014 - 28 February 2014	Dividends	Document Consultation Paper – Guidance Note on Dividends [160.71 KB]	Document Submissions [1.69 MB]	Document Proposed Guidance Note on Dividends – Public Consultation Response Statement [1.78 MB]
6 January 2014 - 14 February 2014	Frustrating Action	Document Consultation Paper – Guidance Note 12 Frustrating Action [176.98 KB]	Document Submissions [3.21 MB]	Document Amendment of Guidance Note 12 – Public Consultation Response Statement [4.03 MB]
7 December 2011 - 3 February 2012	Takeover Documents	Document Consultation Paper - Rewrite of Guidance Note 18 Takeover Documents [269.56 KB]	Document Submissions [367.55 KB]	Document Rewrite of Guidance Note 18 – Public Consultation Response Statement [732.32 KB]
23 December 2010 - 4 February 2011	Minimum Bid Price, Broker Handling Fees and Trust Scheme Mergers	Document Consultation Paper - Rewrite of GN 6, GN 13 and GN 15 [206.62 KB]	Submissions not published	Document Amendment of GN12, Rewrite of GN 6, GN 13 and GN 15 – Public Consultation Response Statement [77.11 KB]
10 December 2010 - 21 January 2011	Frustrating Action	Document Consultation Paper - Guidance Note 12 Frustrating Action [170.26 KB]	Submissions not published	Document Amendment of GN12, Rewrite of GN 6, GN 13 and GN 15 – Public Consultation Response Statement [77.11 KB]
20 April 2010 - 21 May 2010	Unacceptable Circumstances, Recommendations and Undervalue Statements	Document Consultation Paper - Rewrite of GN 1 on Unacceptable Circumstances and Draft GN on Recommendations and Undervalue Statements [268.38 KB]	Submissions not published	Document Rewrite of GN 1 on Unacceptable Circumstances and Draft GN on Recommendations and Undervalue Statements – Public Consultation Response Statement [108.78 KB]
1 October 2009 - 26 October 2009	Procedural Rules	Document Consultation Paper - Rewrite of Procedural Rules [106.19 KB]	Submissions not published	Document Rewrite of Procedural Rules – Public Consultation Response Statement [101.68 KB]
13 May 2009 - 30 June 2009	Lock-Up Devices, Frustrating Action, Funding Arrangements and Rights Issues	Document Consultation Paper - Rewrite of GN 7, GN 12, GN 14 and GN 17 [330.21 KB]	Submissions not published	Document Rewrite of GN 7, GN 12, GN 14 & GN 17 – Public Consultation Response Statement [120.4 KB]
10 September 2007 - 7 December 2007	Equity Derivatives	Document Equity Derivatives – Discussion Paper [190.23 KB] Document Equity Derivatives – Draft Guidance Note [748.4 KB] Document TP07/063: Equity Derivatives – Draft Guidance Note for Discussion [195.77 KB]	Submissions not published	Document Equity Derivatives – Public Consultation Response Statement [91.06 KB]
21 February 2007 - 6 April 2007	Insider Participation in Control Transactions	TP07/004: Insider Participation in Control Transactions - Panel Publishes Draft… Document Insider Participation in Control Transactions – Issues Paper [133.68 KB] Document Insider Participation in Control Transactions – Draft Guidance Note [302.98 KB]	Submissions not published	Document Insider Participation in Control Transactions – Public Consultation Response Statement [105.99 KB]
9 November 2005 - 24 February 2006	Collateral Benefits	Document Collateral Benefits – Issues Paper [157.16 KB]	Submissions not published	Document TP08/029: Collateral Benefits – Panel Publishes Final Guidance Note [74.18 KB]
13 October 2005 - 16 December 2005	Takeovers Documents (wrap information and broker valuations)	TP05/73: Panel Release of Draft Guidance Notes for Public Consultation Document Takeovers Documents: Bidder’s Statements – Draft Guidance Note [120.63 KB]	Submissions not published	TP06/119: Takeovers Panel Publishes Guidance Note on Takeover Documents
13 October 2005 - 16 December 2005	Correction of Takeover Documents	TP05/73: Panel Release of Draft Guidance Notes for Public Consultation Document Correction of Takeovers Documents – Draft Guidance Note 16 [175.56 KB]	No submissions received	TP06/109: Takeovers Panel Publishes Revised Guidance Note on Correction of Take…
8 November 2005 - 16 December 2005	Rights Issues	Document Rights Issues – Draft Guidance Note [138.96 KB] Document TP05/076: Rights Issues – Draft Guidance Note for Comment [72.56 KB]	Submissions not published	Document TP06/004: Panel Publishes Final Guidance on Rights Issues [66.86 KB]
18 July 2005 - 30 September 2005	Rights Issues	Document Rights Issues – Issues Paper [186.93 KB] Document TP05/055: Rights Issues – Panel Seeks Public Comment [61.23 KB]	Submissions not published	Document TP05/076: Rights Issues – Draft Guidance Note for Comment [72.56 KB]
27 October 2004 - 1 December 2004	Lock-Up Devices	TP04/100: Revised Guidance Note 7: Lock-Up Devices – Panel Releases Consultatio… Document Lock-Up Devices – Revised Guidance Note 7 [149.54 KB]	Submissions not published	TP05/20: Panel Releases Revised Guidance Note 7 – Lock-Up Devices
20 April 2004 - 28 May 2004	Procedural Rules	TP04/28: Revised Rules for Panel Proceedings – Panel Releases Consultation Draft Document Revised Rules for Proceedings – Public Consultation Draft [373.48 KB] Document Revised Rules for Proceedings – Explanatory Note [95.73 KB]	No submissions received	TP04/048: Takeovers Panel Releases Revised Rules for Proceedings
27 February 2004 - 8 April 2004	Correction of Takeover Documents	TP04/16: Correction of Takeover Documents – Panel Publishes Draft Guidance Note… Document Correction of Takeover Documents – Draft Guidance Note [141.56 KB]	Submissions not published	Document Correction of Takeover Documents – Public Consultation Response Statement [134.66 KB]
30 October 2003 - 11 December 2003	Funding Arrangements	TP03/109: Panel Publishes for Comment Draft Guidelines on Financing Arrangement… Document Guidelines on Financing Arrangements for Takeovers – Draft Guidance Note [120.82 KB]	Submissions not published	Document Funding Arrangements Guidance Note - Public Consultation Response Statement [61.64 KB]
29 September 2003 - 7 November 2003	Trust Scheme Mergers	TP03/93: Listed Trust and Managed Investment Scheme Mergers: Panel Releases Dra… Document Listed Trust and Managed Investment Scheme Mergers – Draft Guidance Note [113.18 KB]	Submissions not published	TP04/26: Panel Publishes Final Guidance on Trust Schemes Document Trust Schemes – Public Consultation Response Statement [56.94 KB]
1 March 2003 - 9 May 2003	Broker Handling Fees	TP03/37: Panel Publishes Guidance Note on Broker Handling Fees for Comment Document Broker Handling Fees – Draft Guidance Note [44.01 KB]	Submissions not published	Document Broker Handling Fees – Public Consultation Response Statement [119.81 KB]
7 June 2002 - 19 July 2002	Conflicts of Interest	TP02/32: Panel Releases Draft Guidance on Conflicts of Interest Document Conflicts of Interest – Draft Guidance Note [60.92 KB]	Submissions not published	Document Conflicts of Interest – Public Consultation Response Statement 2 [59.17 KB]
1 May 2002 - 12 July 2002	Frustrating Action	TP02/30: Panel Releases Draft Guidance Note on Frustrating Action Document Frustrating Action – Draft Guidance Note [53.64 KB]	Submissions not published	Document Frustrating Action – Public Consultation Response Statement [144.48 KB]
7 March 2002 - 26 April 2002	Public Consultation	Public Consultation Procedure - Draft Guidance TP02/20: Panel Publishes Guidance Note on its Consultation Procedures	-
18 January 2002 - 1 March 2002	Costs Orders	TP02/07: Panel Releases Draft Guidance on Costs Orders Document Costs Orders – Draft Guidance Note [101.63 KB]	Submissions not published	Document Costs Orders – Public Consultation Response Statement [35.39 KB]
2 August 2001 - 14 September 2001	Lock-up Devices	CSP01/67: Panel Releases Policy on Lock-up Devices for Comment Document Lock-up Devices - Draft Policy Outline [141.13 KB]	Submissions not published	TP01/102: Panel Releases Final Guidance on Lock-up Devices
4 April 2001 - 18 May 2001	Restraining Dispatch	CSP01/29: Panel Issues Draft Policy on Restraining Dispatch Guidance Note 5: Restraining Dispatch of Documents (superseded) 03/04/2001 – Is…	-
2 March 2001 - 12 April 2001	Remedies and Enforcement	CSP01/16: Panel Publishes Two Policies for Comment – Substantive Unacceptabilit… Remedies and Enforcement – Discussion Draft	-
2 March 2001 - 12 April 2001	Unacceptable Circumstances	CSP01/16: Panel Publishes Two Policies for Comment – Substantive Unacceptabilit… Guidance Note 1: Unacceptable Circumstances (superseded) 28/02/2000 - Issue 1	-
19 July 2000 - 18 August 2000	Reviewing Decisions	CSP00/016: Panel publishes draft policies for comment Reviewing Decisions – Discussion Draft	-
19 July 2000 - 18 August 2000	Making Rules	CSP00/016: Panel publishes draft policies for comment Making Rules – Discussion Draft	-
2 March 2000 - 31 March 2000	Procedural Rules	CSP00/001: Takeovers Panel Prepares for New Regime Document Rules for Proceedings Draft [658.98 KB]	Submissions not published	TP01/099: Panel Finalises Rules for Proceedings
28 March 2000	Minimum Bid Price	CSP00/005: Policy: Minimum Price Requirement s621(3) & (4) Policy on the Minimum Price Requirement - s621(3) & (4)	-
28 February 2000	Unacceptable Circumstances	Unacceptable Circumstances – Discussion Draft	-