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

Administered by Department of the Treasury

Legislation au F2025N00190 In force Notifiable Instrument

Legislation content

 

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.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

 

Note: This table relates only to the provisions of this instrument as originally made.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  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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.

Overview

The Australian Securities and Investments Commission (Takeovers Panel—Standing Acting Arrangements) Appointment 2025 was enacted to provide for the appointment of a standing acting President for the Takeovers Panel during vacancies or absences of the President. This notifiable instrument, made under the Australian Securities and Investments Commission Act 2001, addresses the need for continuity in the leadership of the Takeovers Panel by establishing a clear protocol for the appointment of a senior available appointee to act as President. The instrument repeals the previous Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019, ensuring that the most recent and relevant arrangements are in place. The policy objective is to maintain the effective functioning of the Takeovers Panel by providing a structured mechanism for interim leadership during periods when the President is unavailable.

Scope and Application

The Australian Securities and Investments Commission (Takeovers Panel—Standing Acting Arrangements) Appointment 2025 pertains to the appointment of a senior available appointee to act as the President of the Takeovers Panel when the office of the President is vacant or the President is otherwise absent from office. This instrument, made under the Australian Securities and Investments Commission Act 2001, applies to the six named individuals who are members of the Panel and who meet the criteria of being available to act as President, not having acted as President for more than 12 months during a vacancy or absence, and being highest in the designated list. The instrument repeals the previous Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019. Each appointment is made on the same terms and conditions as those that apply to a member under section 179 of the Act, and the instrument commences on the day after it is registered. The scope of this legislation is national, aligning with the broader framework set by the Australian Securities and Investments Commission Act 2001, which governs financial markets and investments across Australia.

Key Provisions

The Australian Securities and Investments Commission (Takeovers Panel—Standing Acting Arrangements) Appointment 2025 (the instrument) primarily provides for the appointment of an acting President of the Takeovers Panel during periods of vacancy or absence of the President. According to section 6(1), during such periods, a member of the Panel who meets specific criteria is appointed to act as President. The instrument outlines the standing acting arrangements for the President of the Panel, establishing a hierarchy of available appointees to ensure continuity in the office (section 6(2)-(4)). The instrument comes into effect the day after it is registered, as specified in section 2(1). The obligations imposed by the instrument require members of the Panel who are eligible to act as President to be available to assume the role during a vacancy or absence of the President. The hierarchy established in section 6(4) ensures that the most senior available appointee will act as President, maintaining the continuity of leadership within the Panel. This arrangement ensures that the Panel can continue to function effectively even in the absence of the President. Breaches of the provisions outlined in the instrument may lead to legal consequences, although specific offences, penalties, or consequences are not detailed within the text of the instrument. However, it is important to note that the instrument is made under the Australian Securities and Investments Commission Act 2001, and any breaches of the Act or its related regulations may result in civil or criminal penalties as provided for in those laws. The instrument itself does not stipulate specific penalties for its contravention.

Legal classification tags

Area of Law
Corporate Law & Governance
Instrument
Notifiable instrument
Concepts
Commencement Provisions
Definitions & Interpretation
Standing Acting Arrangements

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.