Jurisdiction - Australia
News
Australia – Tweaks Facilitate Panel Oral Hearings And Quicker Decisions Declining Applications.
21 August, 2013
Legal News & Analysis – Asia Pacific – Australia – Corporate/M&A

WHAT YOU NEED TO KNOW

 

  • Amended regulations facilitate Takeovers Panel oral hearings and quicker decisions to decline to conduct proceedings

 

Oral hearings

 

Recent amendments to the regulations governing Takeovers Panel procedures will make it easier for the Panel to conduct conferences (that is, oral hearings). The amendments make it optional for the Panel to make a transcript, and clarify its ability to use electronic conferencing facilities.

 

The Panel has only very rarely held conferences – most proceedings are conducted purely by email. It is unlikely that the recent amendments will change that significantly. However, now that these technical "obstacles" have been addressed, we may see at least occasional use of conferences.

 

Declining to conduct proceedings

 

Another change to the regulations removes the requirement for the Panel to give its reasons when it notifies a decision to decline to conduct proceedings. 

 

The Panel has a discretion to reject an application at the outset without going through its usual process of issuing a brief inviting submissions – this is known as declining to conduct proceedings.

 

The Panel exercises this power often, but has previously been required to give reasons when it notifies the parties of a decision of this kind. This has delayed these decisions and led to an awkward silence of a day or two while reasons were being drafted. 

 

The Panel will now be able to decline unmeritorious applications more quickly. Detailed reasons will now be given subsequently, as for other Panel decisions.

 

 

For further information, please contact:

 

Bruce Dyer, Partner, Ashurst

bruce.dyer@ashurst.com

 

Ashurst Corporate/M&A Practice Profile in Australia

 

Homegrown Corporate/M&A Law Firms in Australia

 
 

Comments are closed.