Takeovers Panel – Part-Time President and Members – Appointments and Reappointments (No. 1) 2022

Overview

The Takeovers Panel – Part-Time President and Members – Appointments and Reappointments (No. 1) 2022 Instrument is a notifiable instrument issued under the authority of the Australian Securities and Investments Commission Act 2001. Enacted in 2022, this instrument addresses the need to appoint and reappoint part-time members and the part-time President of the Takeovers Panel, ensuring continuity and stability in the panel's leadership and membership. The instrument was issued by the Honourable David Hurley AC DSC (Retd), the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The policy objective behind these appointments and reappointments is to maintain an experienced and capable panel that can effectively oversee and adjudicate on takeovers in accordance with the provisions of the Australian Securities and Investments Commission Act 2001.

Scope and Application

The Takeovers Panel – Part-Time President and Members – Appointments and Reappointments (No. 1) 2022 Notice pertains to the appointments and reappointments of specific individuals to the Takeovers Panel, an entity established under the Australian Securities and Investments Commission Act 2001. This legislation is significant in that it specifically identifies the individuals to be appointed or reappointed to serve in part-time roles, including the part-time President and other members of the Panel, for a duration of three years starting from 8 March 2022. The geographic reach of this legislation is national, as it operates within the Commonwealth of Australia and is issued under the authority of the Governor-General, acting with the advice of the Federal Executive Council. There are no exclusions, exemptions, or thresholds specified within the Notice itself, though it should be noted that the Panel's jurisdiction and the scope of its activities are governed by the broader provisions of the Australian Securities and Investments Commission Act 2001. The appointments made by this Notice are effective across the entire nation, aligning with the federal structure of Australia’s legislative framework.

Key Provisions

The F2022N00044 Notifiable instrument, titled "Takeovers Panel – Part-Time President and Members – Appointments and Reappointments (No. 1) 2022", establishes the reappointment and appointment of several individuals to the Takeovers Panel. Section 3 of the instrument reappoints Alex Cartel as the part-time President of the Takeovers Panel and reappoints ten other individuals as part-time members of the Panel. These appointments and reappointments are for a period of three years, commencing on 8 March 2022. The Act imposes certain obligations and requirements on the parties and entities it governs. Firstly, the instrument appoints or reappoints individuals to specific roles within the Takeovers Panel, ensuring the continuity and stability of the Panel's leadership and membership. These appointments are made by the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under the authority of the Australian Securities and Investments Commission Act 2001. The instrument specifies the duration of these appointments, which is three years from the commencement date of 8 March 2022. There are no explicit offences, penalties, or consequences for breach mentioned in the instrument itself. However, the roles and responsibilities of the members and President of the Takeovers Panel are governed by the Australian Securities and Investments Commission Act 2001. Any breach of the duties and obligations under that Act may result in civil or criminal penalties, including fines and imprisonment, depending on the severity of the breach. The specific maximum penalties would be determined in accordance with the relevant provisions of the Australian Securities and Investments Commission Act 2001. In summary, the F2022N00044 Notifiable instrument reappoints and appoints individuals to the Takeovers Panel, with specific roles and a term of three years. The instrument outlines the appointment process and the duration of these appointments. While the instrument does not explicitly state penalties for breach, the roles and responsibilities of the Panel members and President are governed by the Australian Securities and Investments Commission Act 2001, which may impose civil or criminal penalties for any breaches of the duties and obligations under that Act.