Panel Publishes Revised Guidance Note 2

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The Panel today published a revised version of Guidance Note 2: Reviewing decisions.

Guidance Note 2 deals with the Panel reviewing decisions - either on review of an initial Panel decision or of an ASIC decision regarding modification of chapters 6 or 6C.

The main change to Guidance Note 2 relates to a recent amendment to the Australian Securities and Investments Commission Regulations 2001 (Cth), which removed an obligation on the Panel to provide reasons at the time the Panel advised parties that it was not conducting proceedings.1 Other changes involving the correction of minor inconsistencies and errors have also been made. The Panel did not publish a draft of the revised Guidance Note 2 for comment because the changes involve no major changes of Panel policy.

A copy of the revised Guidance Note 2, showing the changes made, is attached.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597

1 Reasons are provided subsequently, as is the case when the Panel conducts proceedings