The corporate regulator has signed a memorandum of understanding with the Australian government’s Takeovers Panel highlighting the need to “refer to each other’s policies” to ensure consistency of regulation.
In a joint statement, the two bodies said they played “separate but complementary roles” in regulating takeovers and other control transactions within the Australian market.
ASIC commissioner John Price said the Takeovers Panel was a “key forum for resolving disputes relating to takeovers, not only for companies and shareholders, but also for ASIC which conducts day to day regulatory oversight of takeover transactions”, and communication between the two was critical.
“ASIC and the panel both provide guidance to the market in relation to control transactions and refer to each other’s policies in the course of carrying out their respective roles,” he said.
“It is important that ASIC and the panel continue to communicate on policy issues to promote both consistency and the principles of fairness and transparency underpinning the takeover provisions.”
The previous memorandum of understanding (MOU) between the two bodies was signed in 2001, and Takeovers Panel director Allan Bulman said the two bodies had had “an excellent working relationship for over 16 years”, with the new MOU designed to “reflect the contemporary relationship between the two agencies”.
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