Laid before the House of Representatives pursuant to section 16 Takeovers Act 1993 and section 44A Public Finance Act 1989.

FUNCTIONS AND POWERS OF THE PANEL

The functions of the Takeovers Panel are set out in Section 8 of the Takeovers Act 1993. In summary the Panel’s functions are:

	>	To formulate and recommend a takeovers code applying to takeovers of specified companies;
	>	To formulate and recommend amendments to the takeovers code;
	>	To keep under review practices relating to takeovers of specified companies;
	>	To investigate any act or omission or practice for the purpose of exercising its powers under the enforcement provisions of the Act;
	>	To make determinations and orders and make applications to the Court under the enforcement provisions of the Act;
	>	To promote public understanding of the law and practice relating to takeovers.

In exercising its functions and powers the Panel shall comply with the principles of natural justice.

The powers of the Panel are set out in sections 9 and 13 and Part III of the Takeovers Act 1993. In summary the powers of the Panel are:

	>	To issue summonses and to take evidence on oath;
	>	To make confidentiality orders;
	>	To authorise the Registrar of Companies to undertake inspections;
	>	To grant exemptions from the code;
	>	To enforce the takeovers code by:

	-	making determinations on whether a person is complying with the code;
	-	issuing restraining orders; and
	-	applying for Court orders.

Under the takeovers code the Panel has powers to approve independent advisers and appoint independent experts.