Takeovers Panel – Part-Time Members Appointments and Reappointments (No. 1) 2023

Overview

The Takeovers Panel – Part-Time Members Appointments and Reappointments (No. 1) 2023 Instrument was enacted in 2023 by the Commonwealth of Australia to address the need for appointing and reappointing part-time members to the Takeovers Panel. This instrument was issued under the authority of subsection 172(2) of the Australian Securities and Investments Commission Act 2001 by the Honourable David Hurley AC DSC (Retd), Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The policy objective behind this legislative instrument is to ensure that the Takeovers Panel has suitably qualified and experienced part-time members to effectively carry out its functions and responsibilities in regulating takeovers and mergers in Australia. The instrument appoints eight new part-time members and reappoints nine existing members for a period of three years commencing 2 April 2023, thus maintaining a stable and experienced panel to oversee corporate takeovers.

Scope and Application

The F2023N00064 Notifiable Instrument pertains to the appointment and reappointment of part-time members to the Takeovers Panel under the Australian Securities and Investments Commission Act 2001. This legislation appoints Sylvia Falzon, Joseph Fayyad, Louise Higgins, Ruth Higgins SC, Emma-Jane Newton, Kristina Stern SC, Erin Tinker, and Kate Towey as new part-time members of the Takeovers Panel for a term of three years commencing on 2 April 2023. Additionally, it reappoints Yasmin Allen, Michelle Jablko, Christian Johnston, Kristen Jung, Michael Lishman, Rebecca Maslen-Stannage, Diana Nicholson, Neil Pathak, and James Stewart for the same period. The appointments and reappointments are made by the Honourable David Hurley AC DSC (Retd), the Governor-General of the Commonwealth of Australia, in accordance with the authority granted under subsection 172(2) of the Australian Securities and Investments Commission Act 2001. This Act applies to the individuals appointed or reappointed as part-time members of the Takeovers Panel, ensuring that these appointments are recognised under Commonwealth law. The geographic reach of this legislation is national, as it is enacted under the authority of the Commonwealth of Australia. There are no stated exclusions, exemptions, or thresholds within this specific instrument, but the broader applicability and restrictions of the Takeovers Panel’s jurisdiction may be subject to other relevant laws and regulations.

Key Provisions

The main operative sections of the legislation (F2023N00064) involve the appointment and reappointment of part-time members to the Takeovers Panel. Under section (a), eight individuals - Sylvia Falzon, Joseph Fayyad, Louise Higgins, Ruth Higgins SC, Emma-Jane Newton, Kristina Stern SC, Erin Tinker, and Kate Towey - are appointed as part-time members of the Takeovers Panel for a period of three years, beginning on 2 April 2023. Section (b) re-appoints nine individuals - Yasmin Allen, Michelle Jablko, Christian Johnston, Kristen Jung, Michael Lishman, Rebecca Maslen-Stannage, Diana Nicholson, Neil Pathak, and James Stewart - as part-time members for the same duration, also commencing on 2 April 2023. These appointments and reappointments are made under the authority of the Australian Securities and Investments Commission Act 2001. The Act imposes certain obligations and requirements on the newly appointed and reappointed part-time members of the Takeovers Panel. These individuals must adhere to the rules, guidelines, and standards set forth by the Takeovers Panel and the Australian Securities and Investments Commission (ASIC). Their primary role involves participating in the decision-making process related to takeovers and mergers, ensuring compliance with relevant legislation and regulations, and contributing to the fair and transparent conduct of corporate takeovers within Australia. They are expected to bring their expertise and experience to bear on the cases they are assigned to and to act with integrity, independence, and impartiality. The legislation does not explicitly detail offences, penalties, or civil/criminal consequences for breach within its text. However, it is reasonable to infer that any breach of the duties and responsibilities outlined in the Australian Securities and Investments Commission Act 2001, or any misconduct on the part of the part-time members of the Takeovers Panel, could lead to disciplinary action by ASIC. This could include public reprimands, fines, or even the revocation of their membership on the Panel. The specific penalties would depend on the nature and severity of the breach, and would be determined in accordance with the relevant provisions of the Australian Securities and Investments Commission Act 2001 and any other applicable legislation.