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Options Paper: Access to Share Registers and the Regulation of Unsolicited Off Market Offers


Friday, 29 May 2009

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On 29 May 2009, the Minister for Superannuation and Corporate Law released for public consultation an options paper: Access to Share Registers and the Regulation of Unsolicited Off Market Offers.

This paper puts forward a range of options to address the continuing practice by some entities of making undervalued, unsolicited off market share offers to shareholders. While many in the community recognise the poor value of these offers, more vulnerable investors continue to accept them without necessarily appreciating the risk of doing so.

This options paper seeks feedback on the appropriateness of the current framework for regulating these offers and puts forward a range of possible options for reform.

The Government is seeking feedback and comments from interested parties on the options outlined in the paper, particularly any information about compliance costs, impacts on competition, existing business activities and any other impacts, costs and benefits. Comments are also sought on any potential unexpected consequences of these proposed changes.

The submissions received will inform the Government’s proposed way forward and also assist in meeting the requirements of the Office of Best Practice Regulation.

The Government is seeking submissions on the options paper by close of business 24 July 2009. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence.  Automatically generated confidentiality statements in emails do not suffice for this purpose.  Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.  A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 24 July 2009

Address written submissions to:
Share Register and USO Options Paper
Corporations and Financial Services Division
The Treasury
Langton Crescent

Email:  unsolicitedoffercomments@Treasury.gov.au

For enquiries, please call Tracey Donohoe on 02 6263 3971 (your call will be redirected depending on the subject of your query).

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Options Paper  574.19kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Options Paper  3,446.13kb

Related Items:

Submissions: Options Paper - Access to Share Registers and the Regulation of Unsolicited Off Market Offers - 6/11/2009

Treasury received 33 submissions in response to the 'Reform Access to Share Registers and the Regulation of Unsolicited Off Market Offers' options paper. There were 26 public submissions, and seven confidential submissions. The public submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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