Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019

Overview

The Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019 was enacted to provide for the orderly and efficient operation of the Takeovers Panel in the absence of the President. This notifiable instrument was made under subsection 182(1) of the Australian Securities and Investments Commission Act 2001 by Josh Frydenberg, the Treasurer, and it revokes all previous appointments made under the same subsection. The purpose of this instrument is to ensure that the Takeovers Panel can continue to function effectively during vacancies in the office of the President or when the President is temporarily absent. It achieves this by establishing a clear hierarchy for the selection of a senior available appointee to act as President. This arrangement is designed to maintain the continuity of the Panel's operations and uphold the integrity of the takeovers regulatory framework.

Scope and Application

The Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019 applies to the individuals listed for the purpose of acting as President of the Takeovers Panel during periods of vacancy or absence. The Act is made under subsection 182(1) of the Australian Securities and Investments Commission Act 2001, which means it is within the jurisdiction of the Commonwealth and is applicable to the entities and individuals who are part of the Takeovers Panel. The instrument revokes all previous appointments and specifies the order of seniority among the listed members: Richard Hunt, Michelle Jablko, Ron Malek, Yasmin Allen, Tracey Horton AO, and Diana Nicholson, who are to act as President in the event of a vacancy or absence. This instrument operates nationally and comes into effect on the day it is registered on the Federal Register of Legislation.

Key Provisions

The key operative sections of the Standing Acting Arrangements for President of the Takeovers Panel Appointment 2019 (No. 25 of 2019) (the "Instrument") establish the framework for the appointment of an acting President of the Takeovers Panel. Under section 1, the Instrument revokes all previous appointments made under subsection 182(1) of the Australian Securities and Investments Commission Act 2001. Section 2 appoints a person to act as President during any period when there is a vacancy in the office of President or the President is absent from office, with the specific appointee determined by sections 3, 4, and 5. Section 3 provides a hierarchy of senior available appointees, which includes Richard Hunt, Michelle Jablko, Ron Malek, Yasmin Allen, Tracey Horton AO, and Diana Nicholson. Section 4 stipulates that the senior available appointee at the start of a vacancy or absence period is to act as President during that period. Section 5 outlines that if the acting President ceases to be the senior available appointee, the next in the hierarchy becomes the acting President for the remainder of that period. Section 6 specifies that the Instrument commences on the day it is registered on the Federal Register of Legislation. The obligations and requirements imposed by the Instrument are primarily concerned with the orderly transition of leadership within the Takeovers Panel. The Instrument mandates that the senior available appointee, as defined, assumes the role of acting President during periods of vacancy or absence. This ensures continuity and stability within the Panel’s leadership. The hierarchy established in section 3 provides clear guidance on who is eligible to act as President, and sections 4 and 5 detail the process for transitioning between acting Presidents if the initial appointee’s status changes. These provisions ensure a seamless transfer of responsibilities, maintaining the Panel’s operational integrity. Regarding the consequences of non-compliance, the Instrument does not explicitly detail offences, penalties, or civil/criminal consequences for breaches. However, given the nature of the legislation and its role in ensuring the continuity of leadership within a regulatory body, any failure to comply with the prescribed procedures could potentially result in legal or administrative repercussions. Although the specific penalties are not outlined in the Instrument, breaches of statutory duties or failure to adhere to prescribed arrangements might lead to actions under the broader legislative framework governing the Australian Securities and Investments Commission Act 2001. These actions could include legal proceedings to enforce compliance or other administrative measures to rectify any disruptions caused by non-compliance.