Takeovers Panel – Part-Time Member – Appointment (No. 1) 2022

Overview

The Takeovers Panel – Part-Time Member – Appointment (No. 1) 2022I, enacted on 31 March 2022, was introduced to address the need for additional part-time expertise within the Takeovers Panel, a body established under the Australian Securities and Investments Commission Act 2001. This legislation, enacted by the General the Honourable David Hurley AC DSC (Retd), Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, appoints Constantine Boulougouris as a part-time member of the Takeovers Panel, effective from the day after the date of the signed instrument until 7 March 2025. The policy objective behind this appointment is to enhance the Panel’s capacity to effectively handle takeover-related matters, thereby ensuring a more robust and efficient regulatory framework in the financial markets.

Scope and Application

The F2022N00090 Notifiable Instrument, titled "Takeovers Panel – Part-Time Member – Appointment (No. 1) 2022", pertains specifically to the appointment of a part-time member to the Takeovers Panel, a body established under the Australian Securities and Investments Commission Act 2001. This appointment is made by the Honourable David Hurley AC DSC (Retd), the Governor-General of the Commonwealth of Australia, on the advice of the Federal Executive Council. The appointee, Constantine Boulougouris, is designated to serve from the day following the signing of the instrument until 7 March 2025. The instrument itself is a legislative tool extending the federal government's authority to appoint members to the Takeovers Panel, ensuring that this independent statutory tribunal has the appropriate personnel to perform its functions as prescribed by the overarching act. This appointment mechanism is integral to maintaining the integrity and efficacy of the regulatory framework governing takeovers in Australia.

Key Provisions

The main operative sections of the F2022N00090 Notifiable instrument pertain to the appointment of Constantine Boulougouris as a part-time member of the Takeovers Panel (Section 1). This appointment is effective from the day after the signed instrument until 7 March 2025. The instrument is made under subsection 172(2) of the Australian Securities and Investments Commission Act 2001, reflecting the authority vested in the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The document is dated 31 March 2022 and signed by David Hurley, the Governor-General, and countersigned by Josh Frydenberg, the Treasurer. The obligations imposed by this legislation on the parties involved are primarily administrative and procedural. The Takeovers Panel is required to accept Constantine Boulougouris as a part-time member for the specified period. Boulougouris, in turn, must adhere to the responsibilities and duties outlined for part-time members of the Takeovers Panel, including participating in hearings and making decisions in accordance with the relevant statutes and guidelines. The instrument ensures that Boulougouris is formally recognised and accepted within the framework of the Panel, facilitating the effective operation of the Panel during his term. There are no explicit offences, penalties, or civil/criminal consequences outlined in the F2022N00090 Notifiable instrument for breaches of the appointment provisions. The primary focus of the instrument is on the procedural aspects of appointing a part-time member to the Takeovers Panel. However, any failure to comply with the obligations as a part-time member could potentially lead to administrative consequences, such as removal from the Panel or other disciplinary actions as per the relevant statutes governing the Takeovers Panel. The maximum penalties for such breaches would be determined by the laws and regulations under which the Takeovers Panel operates, which are not specified in this particular instrument.