On 27 March 2o24, AST ASIC reissued regulatory guide on exceptions.
- AST ASIC said it has reissued RG 6 takeovers: exceptions to the general prohibition.
- Follows AST ASIC October 2020 updated guidance on share transfers.
Key Points
- Takeover provisions in Ch 6 of ASTCA impose prohibitions restricting a person’s ability to acquire further voting power above a 20% threshold - subject to certain exceptions.
- ASIC reviews and monitors acquisitions, takeovers and actions involving reliance on exceptions.
- It can supplement and modify exceptions by way of legislative instruments and relief.
- This guide outlines the requirements of, and principles underlying, a number of the exceptions, and discusses regulatory approach to the administration of the provisions.
