Australian Securities and Investments Commission (Takeovers Panel—Standing Acting Arrangements) Appointment 2025

Australian Securities and Investments Commission (Takeovers Panel—Standing Acting Arrangements) Appointment 2025

I, Andrew Leigh, Assistant Minister for Competition, Charities and Treasury, make the following appointments.

Dated   26 February 2025

Dr Andrew Leigh

Assistant Minister for Competition, Charities and Treasury
Parliamentary Secretary to the Treasurer

Contents

Part 1—Preliminary

1  Name 

2  Commencement

3  Authority

4  Schedules

5  Definitions

Part 2—Standing acting arrangements for the President of the Takeovers Panel

6  Standing acting arrangements for the President of the Panel

Schedule 1—Repeals

Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019

Part 1—Preliminary

1  Name

  This instrument is the Australian Securities and Investments Commission (Takeovers Panel—Standing Acting Arrangements) Appointment 2025.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the Australian Securities and Investments Commission Act 2001.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5  Definitions

Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Australian Securities and Investments Commission Act 2001 as in force from time to time.

  In this instrument:

senior available appointee has the meaning given by subsection 6(2).

the Act means the Australian Securities and Investments Commission Act 2001.

Part 2—Standing acting arrangements for the President of the Takeovers Panel

6  Standing acting arrangements for the President of the Panel

 (1) Under section 182 of the Act, during all periods when there is vacancy in the office of President or the President is absent from office, the person determined in accordance with subsections (2) to (4) is appointed to act as President.

Note: Even where a person is appointed to act as President when the President is outside Australia, nothing in this instrument limits the power of the President from giving a Direction under subsection 184(2) of the Act while outside Australia as permitted under subsection 184(3A) of the Act.

 (2) For the purposes of this instrument, the senior available appointee at a particular time is a person who, at that time, satisfies all of the following:

 (a) is a member of the Panel;

 (b) is not absent from office;

 (c) has not, during a vacancy or absence of the President, continued to act as President for a period of more than 12 months;

 (c) has advised that they are available to act as President;

 (d) is highest in the following list:

 (i) Yasmin Allen AM;

 (ii) Michael Lishman;

 (iii) Michelle Jablko;

 (iv) Diana Nicholson;

 (v) Christian Johnston;

 (vi) Teresa Dyson.

 (3) The senior available appointee at the start of a period when there is a vacancy in the office of the President or the President is absent from office, is to act as President during that period.

 (4) However, if a person who is acting as President during a period (under subsection (3) or a previous application of this subsection) ceases at a particular time to be the senior available appointee, the senior available appointee at that time is to act as President during the remainder of that period.

 (5) Under subsection 33A(1) of the Acts Interpretation Act 1901, each appointment under subsection (1) is determined to be on the same terms and conditions that apply to a member under section 179 of the Act.

Schedule 1—Repeals

Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019

1  The whole of the instrument

Repeal the instrument.