Regulatory Alerts2011-12-21 | RG-074RG 74 Acquisitions approved by members
The Australian Securities and Investments Commission issued this guide for entities subject to Chapter 6 of the Corporations Act, including companies with more than 50 members and listed entities. It provides guidance on the takeovers exception for acquisitions approved by members under item 7 of section 611, detailing required disclosures and voting restrictions. The document also explains ASIC's compliance monitoring methods and its policy on exercising discretionary powers regarding these acquisitions.
Issued 21 December 2011
This guide is for entities subject to Ch 6 of the Corporations Act—that is, companies with more than 50 members, listed companies and listed managed investment schemes.
It sets out our guidance on the takeovers exception for acquisitions approved by members contained in item 7 of s611 (item 7) of the Corporations Act, including guidance on the disclosure required and the voting restrictions imposed by item 7. It also explains how we monitor compliance with these requirements and our policy on the exercise of our discretionary powers in relation to item 7.
Note: From 27 July 2020, applications for relief should be submitted through the ASIC Regulatory Portal . For more information, see how you apply for relief .
Download RG 74 (PDF 457KB)