Chapter 1 - Introduction and Background
[1]
Australian Securities and Investments Commission Act 2001, s. 243.
[2]
Parliamentary Joint Committee on Corporations and Financial Services, Statutory
Oversight of the Australian Securities and Investments Commission, No. 2 of
43rd Parliament, May 2013; and Parliamentary Joint Committee on
Corporations and Financial Services, Statutory Oversight of the Australian
Securities and Investments Commission: the role of gatekeepers in Australia's
financial services system, No. 3 of 43rd Parliament, July 2013.
[3]
Parliamentary Joint Committee on Corporations and Financial Services, Statutory
Oversight of the Australian Securities and Investments Commission, the
Takeovers Panel and the Corporations Legislation, Report No. 1 of the 44th
Parliament, November 2014; and Parliamentary Joint Committee on Corporations
and Financial Services, Statutory Oversight of the Australian Securities and
Investments Commission, No. 2 of 43rd Parliament, May 2013.
[4]
Parliamentary Joint Committee on Corporations and Financial Services, Statutory
Oversight of the Australian Securities and Investments Commission, the
Takeovers Panel and the Corporations Legislation, Report No. 1 of the 44th
Parliament, November 2014.
[5]
Parliamentary Joint Committee on Corporations and Financial Services, Statutory
Oversight of the Australian Securities and Investments Commission: the role of
gatekeepers in Australia's financial services system, No. 3 of 43rd
Parliament, July 2013.
[6]
Senate Economics References Committee, Performance of the Australian Securities
and Investments Commission, June 2014, p. 426.
[7]
Senate Economics References Committee, Performance of the Australian
Securities and Investments Commission, June 2014, p. 426.
[8]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Interim Report, September 2018, pp. 271–280.
[9]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Final Report, January 2019, vol. 1, p. 421.
[10]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Final Report, January 2019, vol. 1, pp.
426–7.
[11]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Final Report, January 2019, vol. 1, p. 433.
[12]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Final Report, January 2019, vol. 1, p. 446.
[13]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Final Report, January 2019, vol. 1, pp.
472–3.
[14]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Final Report, January 2019, vol. 1, p. 473.
[15]
Mr Daniel Crennan QC, Deputy Chair, Australian Securities and Investments
Commission, Committee Hansard, 19 October 2018, p. 40.
Chapter 2 - Audit quality
[1]
Adam Smith, An inquiry into the nature and causes of the wealth of
nations, 1776, p. 311.
[2]
International Organization of Securities Commissions, IOSCO
objectives, https://www.iosco.org/about/?subsection=about_iosco
(accessed 12 February 2019).
[3]
See evidence from Dr George Gilligan in Parliamentary
Joint Committee on Corporations and Financial Services, Statutory
oversight of the Australian Securities and Investments Commission, March
2012, p. 4.
[4]
Australian Securities and Investments Commission, Auditor
independence and audit quality, https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/auditors/auditor-independence-and-audit-quality/
(accessed 12 February 2019).
[5]
Auditing and Assurance Standards Board, Auditing Standard ASA 200
Overall Objectives of the Independent Auditor and the Conduct of an Audit in
Accordance with Australian Auditing Standards, December 2015, paras 14–17.
[6]
Australian Securities and Investments Commission Act 2001,
ss. 224(aa).
[7]
Strategic Direction issued by the Financial Reporting Council to the
Auditing and Assurance Standards Board on 6 April 2005, published in Auditing
and Assurance Standards Board, AUASB Functions and Processes, September
2014, p. 5.
[8]
Professor Roger Simnett, Chair, Auditing and Assurance Standards Board, Committee
Hansard, 16 February 2018, p. 13.
[9]
Mr John Price, Commissioner, Australian Securities and Investments
Commission, Committee Hansard, 16 February 2018, p. 11.
[10]
Mr William Edge, Chair, Financial Reporting Council, Committee Hansard,
16 February 2018, p. 12.
[11]
Mr William Edge, Chair, Financial Reporting Council, Committee Hansard,
16 February 2018, p. 12.
[12]
Australian Securities and Investments Commission, Report 242—Audit
inspection program public report for 2009–10, June 2011, p. 6.
[13]
Australian Securities and Investments Commission, Audit inspection and
surveillance programs, https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/auditors/audit-inspection-and-surveillance-programs/
(accessed 12 February 2019).
[14]
Australian Securities and Investments Commission, Report 242—Audit
inspection program public report for 2009–10, June 2011, p. 6.
[15]
Australian Securities and Investments Commission, Audit inspection
program report for 2017–18, p. 2.
[16]
Mr John Price, Commissioner, Australian Securities and Investments
Commission, Committee Hansard, 16 February 2018, p. 11.
[17]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 3 December 2012, p. 15.
[18]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 3 December 2012, p. 15.
[19]
See, for example, Parliamentary
Joint Committee on Corporations and Financial Services, Statutory
oversight of the Australian Securities and Investments Commission, No. 1 of
43rd Parliament, February 2013, p. 15.
[20]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 3 December 2012, p. 21 cited in Parliamentary Joint Committee on
Corporations and Financial Services, Statutory oversight of the
Australian Securities and Investments Commission, No. 1 of 43rd
Parliament, February 2013, p. 18.
[21]
Parliamentary Joint
Committee on Corporations and Financial Services, Inquiry into the collapse
of Trio Capital, May 2012, p. 123.
[22]
Parliamentary Joint
Committee on Corporations and Financial Services, Inquiry into the collapse
of Trio Capital, May 2012, p. 154.
[23]
Australian Securities and Investments Commission, Report 317—Audit
inspection progress report for 2011–12, December 2012, p. 4.
[24]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 3 December 2012, p. 20 cited in Parliamentary Joint Committee on
Corporations and Financial Services, Statutory oversight of the
Australian Securities and Investments Commission, No. 1 of 43rd
Parliament, February 2013, p. 17.
[25]
Parliamentary Joint
Committee on Corporations and Financial Services, Statutory oversight
of the Australian Securities and Investments Commission: the role of
gatekeepers in Australia's financial services system, No. 3 of 43rd
Parliament, July 2013, pp. 33–34.
[26]
Australian Securities and Investments Commission, Report 534 Audit
inspection program report for 2015–16, June 2017, p. 4.
[27]
Australian Securities and Investments Commission, Report 607 Audit inspection
program report for 2017–18, January 2019, p. 9; Report 534 Audit
inspection program report for 2015–16, June 2017, p. 4; Report 461 Audit
inspection program report for 2014–16, December 2015, p. 5; Report 317
Audit inspection program for 2011–12, December 2012, p. 4; Report 242
Audit inspection program for 2009–10, June 2011, p. 18.
[28]
These caveats have been made repeatedly by Australian Securities and
Investments Commission (eg, ASIC, Report 534—Audit inspection program report
for 2015–16, p.7) and by Financial Reporting Council (eg FRC, Annual
Report 2016–17, p. 17).
[29]
Mr John Price, Commissioner, Australian Securities and Investments
Commission, Committee Hansard, 16 February 2018, p. 11.
[30]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 27 October 2017, p. 21.
[31]
Parliamentary Joint Committee on Corporations and Financial Services, Report
on the 2016–2017 annual reports of bodies established under the ASIC Act,
July 2018.
[32]
Parliamentary Joint Committee on Corporations and Financial Services, Report
on the 2016–2017 annual reports of bodies established under the ASIC Act,
July 2018, paras. 3.20, 3.29 and 3.37.
[33]
Parliamentary Joint
Committee on Corporations and Financial Services, Report on the
2016–2017 annual reports of bodies established under the ASIC Act, July
2018, para. 4.58.
[34] A
representative of Aberdeen Standard Investments quoted in House of Commons,
Business, Energy and Industrial Strategy and Work and Pensions Committees, Carillion,
Report HC 769, 16 May 2018, p. 79.
[35]
Parliamentary Joint
Committee on Corporations and Financial Services, Inquiry into the collapse
of Trio Capital, May 2012, p. 121.
[36]
See, for example: Gregory Jones and Graham Bowrey, NSW Local Council
investment exposures, 2010, University of Wollongong, Research Online, p. 8.
[37] CPA
Australia Ltd, A guide to understanding auditing and assurance: listed
companies, October 2014, p. 7.
[38]
See Parliamentary
Joint Committee on Corporations and Financial Services, Inquiry into the
collapse of Trio Capital, May 2012, pp. 123–124.
[39]
Richard Brooks, 'The financial scandal no one is talking about', The
Guardian, 29 May 2018, https://www.theguardian.com/news/2018/may/29/the-financial-scandal-no-one-is-talking-about-big-four-accountancy-firms?CMP=share_btn_link
(accessed 12 February 2019).
[40]
House of Commons, Business, Energy and Industrial Strategy and Work and
Pensions Committees, Carillion, Report HC 769, 16 May 2018, p. 80.
[41]
Daniel Ziffer, quoting Stuart Kells in 'KPMG, Deloitte, PwC and EY
diversifying to have 'fingers in all sorts of pies'', ABC News, 10 April
2018, http://www.abc.net.au/news/2018-04-09/kpmg-deloitte-pwc-ey-diversify-and-become-more-powerful/9634774
(accessed 12 February 2019).
[42]
House of Commons, Business, Energy and Industrial Strategy and Work and
Pensions Committees, Carillion, Report HC 769, 16 May 2018, p. 79.
[43]
Peter Ryan, ''Big four' accounting firms should face banking royal
commission to prove independence, former ASIC investigator says', ABC News,
5 October 2018, http://www.abc.net.au/news/2018-10-05/big-four-accounting-firms-should-face-royal-commission/10339504
(accessed 12 February 2019).
[44]
Richard Brooks, quoted by Steve Cannane, 'Banking royal commission: 'Big
four' accountancy firms 'heavily conflicted, should be under inquiry spotlight',
ABC News, 25 June 2018, http://www.abc.net.au/news/2018-06-25/banking-inquiry-should-investigate-accountancy-firms-brooks-says/9904592
(accessed 9 October 2018).
[45]
House of Commons, Business, Energy and Industrial Strategy and Work and
Pensions Committees, Carillion, Report HC 769, 16 May 2018, p. 79.
[46]
Mr John Price, Commissioner, Australian Securities and Investments
Commission, Committee Hansard, 27 October 2017, p. 21; Mr John Price,
Commissioner, Australian Securities and Investments Commission, Committee
Hansard, 16 February 2018, p. 19.
[47]
House of Commons, Business, Energy and Industrial Strategy and Work and
Pensions Committees, Carillion, Report HC 769, 16 May 2018, p. 79.
[48]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 3 December 2012, p. 20.
[49]
Mr John Price, Commissioner, Australian Securities and Investments
Commission, Committee Hansard, 27 October 2017, p. 21.
[50]
Mr William Edge, Chair, Financial Reporting Council, Committee Hansard,
16 February 2018, p. 18.
[51]
Mr William Edge, Chair, Financial Reporting Council, Committee Hansard,
16 February 2018, p. 22.
[52]
Mr William Edge, Chair, Financial Reporting Council, Committee Hansard,
16 February 2018, p. 23.
[53]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 27 October 2017, pp. 21–22.
[54]
Ms Kris Peach, Chair, Australian Accounting Standards Board, Committee
Hansard, 16 February 2018, p. 12.
[55]
Mr William Edge, Chair, Financial Reporting Council, Committee Hansard,
16 February 2018, p. 17.
[56]
Mr Doug Niven, Senior Executive Leader, Financial Reporting and Audit,
Australian Securities and Investments Commission, Committee Hansard,
16 February 2018, p. 15.
[57]
Ms Kris Peach, Chair, Australian Accounting Standards Board, Committee
Hansard, 16 February 2018, p. 13.
[58]
Mr John Price, Commissioner, Australian Securities and Investments
Commission and Mr William Edge, Chair, Financial Reporting Council, Committee
Hansard, 16 February 2018, p. 22.
[59]
Mr John Price, Commissioner, Australian Securities and Investments
Commission, Committee Hansard, 16 February 2018, p. 22.
[60]
Mr Greg Medcraft, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 27 October 2017, p. 21.
Note: in the wake of the Enron fraud, Arthur Anderson and Co, a major
accounting firm, was convicted of obstructing justice and lost its licence.
[61] Hans van
Leeuwen, 'UK regulators ramp up pressure on Deloitte, EY, KPMG and PwC with new
probes', Australian Financial Review, 10 October 2018, https://www.afr.com/business/accounting/uk-regulators-ramp-up-pressure-on-deloitte-ey-kpmg-and-pwc-with-new-probes-20181009-h16fho
(accessed 12 February 2019).
Chapter 3 - Integrity risks
[1]
Organisation for Economic Co-operation and Development, Glossary of
Statistical Terms, July 2007, https://stats.oecd.org/glossary/detail.asp?ID=7206
(accessed 12 February 2019).
[2]
Productivity Commission, Competition in the Australian Financial
System, 29 June 2018, p. 24.
[3]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Interim Report, 28 September 2018, p. 301.
[4]
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, Interim Report, 28 September 2018, p. 302.
[5]
The World Bank, Helping Countries Combat Corruption: The Role
of the World Bank, September 1997, p. 8.
[6]
Kelly Todd, Forensic Strategic Solutions, Why corruption always
requires a conflict of interest, 28 October 2016, https://www.forensicstrategic.com/blog/why-corruption-always-requires-a-conflict-of-interest
(accessed 12 February 2019).
[7]
David, Donaldson, The Mandarin, Regulating the regulators: IBAC warns
of corruption risks, 26 July 2018, https://www.themandarin.com.au/96333-regulating-the-regulators-ibac-warns-of-corruption-risks/?utm_campaign=TheJuice&utm_medium=email&utm_source=newsletter
(accessed 30 July 201812 February 2019).
[8]
Independent Broad-based Anti-corruption Commission, Corruption risks
associated with public regulatory authorities, summary of report, July
2018, p. 2.
[9]
Chris Field, 'The fourth branch of government: the evolution of
integrity agencies and enhanced government accountability', Australian
Institute of Administrative Law Forum, No. 72, 2013, p. 25.
[10]
Transparency International, Corruption Perceptions Index 2017, https://www.transparency.org/news/feature/corruption_perceptions_index_2017,
(accessed 12 February 2019).
[11]
Australian Commission for Law Enforcement Integrity, Corruption
Prevention Myths: ACLEI top 5 corruption prevention myths, https://www.aclei.gov.au/corruption-prevention/corruption-prevention-myths
(accessed 12 February 2019).
[12]
Australian Securities and Investments Commission, answers to questions on
notice, 1 August 2018 (received 15 August 2018).
[13]
Professor A J Brown, answers to questions on notice, 1 August 2018
(received 27 August 2018).
[14]
Treasury Laws Amendment (Enhancing ASIC's Capabilities) Bill 2018, Explanatory
Memorandum, 28 March 2018, p. 9, https://www.aph.gov.au/Parliamentary_Business/
Bills_Legislation/Bills_Search_Results/Result?bId=r6087 (accessed 12
February 2019).
[15]
Treasury Laws Amendment (Enhancing ASIC's Capabilities) Bill 2018, Explanatory
Memorandum, 28 March 2018, pp. 9 and 10–11.
[16]
Committee Hansard, 17 August 2018, pp. 7–8.
[17]
Mr John Price, Commissioner, Australian Securities and Investments
Commission, Committee Hansard, 17 August 2018, p. 8.
[18]
Australian Securities and Investments Commission, answers to questions on
notice, 1 August 2018 (received 15 August 2018).
[19]
International Organisation of Securities Commissions, 'Greg Medcraft of
ASIC re-elected IOSCO Board Chair', Media release, 2 October 2014, p. 1.
[20]
Department of the Treasury, answers to questions on notice, 1 August 2018
(received 15 August2018).
[21]
Department of the Treasury, answers to questions on notice, 30 August 2018
(received 14 September 2018).
[22]
Office of the Commonwealth Ombudsman, answers to questions on notice, 1
August 2018 (received 14 August 2018).
[23]
Office of the Commonwealth Ombudsman, answers to questions on notice, 1
August 2018 (received 14 August 2018).
[24] Australian Securities
and Investments Commission, Submission 5 to the Parliamentary Joint
Committee on the Australian Commission for Law Enforcement Integrity, Inquiry
into the jurisdiction of the Australian Commission for Law Enforcement
Integrity, May 2016, p. 6.
[25]
Mr James Shipton, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 19 October 2018, p. 14.
[26]
Australian Securities and Investments Commission, Secondment Policy,
2013, p. 5.
[27]
Australian Securities and Investments Commission, Secondment Policy,
2013, p. 8.
[28]
Australian Securities and Investments Commission, Secondment Policy,
2013, p. 7.
[29]
Australian Securities and Investments Commission, Secondment Policy,
2013, p. 10.
[30]
Commonwealth Ombudsman, Australian Securities and Investments
Commission: Own motion investigation into the management of a conflict of
interest matter in 2005, November 2015, p. 4.
[31]
Commonwealth Ombudsman, Australian Securities and Investments
Commission: Own motion investigation into the management of a conflict of
interest matter in 2005, November 2015, p. 4.
[32]
Commonwealth Ombudsman, Australian Securities and Investments
Commission: Own motion investigation into the management of a conflict of
interest matter in 2005, November 2015, p. 4.
[33]
Australian Securities and Investments Commission, answers to questions on
notice 28 March 2014 (received 5 May 2014).
[34]
Mr James Shipton, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 17 August 2018, p. 3.
[35]
Mr James Shipton, Chairman, Australian Securities and Investments
Commission, Committee Hansard, 17 August 2018, p. 3.
[36]
Australian Securities and Investments Commission, Fifth anniversary of
ASIC market supervision.
[37]
Australian Securities and Investments Commission, Annual report,
2016–17, p. 20.
[38]
Australian Securities and Investments Commission, 'ASIC's next generation
market surveillance system commences', Media release 13 316MR, 25
November 2013.
[39]
Australian Securities and Investments Commission, Statement of
obligations – ASIC Commissioners, https://asic.gov.au/about-asic/what-we-do/how-we-operate/asics-internal-governance/statement-of-obligations-asic-commissioners/,
(accessed 12 February 2019).
[40]
Australian Securities and Investments Commission, Statement of
obligations – ASIC Commissioners.
[41]
UK, Financial Conduct Authority, Code of Conduct, January 2016, p. 8.
[42]
US Securities and Exchange Commission, Supplemental standards of
ethical conduct for members and employees of the Securities and Exchange
Commission, July 2010, p. 775.
[43]
Australian Securities and Investments Commission, Submission 11 to
the Parliamentary Joint Committee on Law Enforcement, Inquiry into the impact
of new and emerging information and communications technologies, January 2018,
p. 4.
[44]
Australian Securities and Investments Commission, Submission 11 to
the Parliamentary Joint Committee on Law Enforcement, Inquiry into the impact of
new and emerging information and communications technologies, January 2018, p.
4.
[45]
Australian Securities and Investments Commission, Submission 11 to
the Parliamentary Joint Committee on Law Enforcement, Inquiry into the impact
of new and emerging information and communications technologies, January 2018,
p. 5.
[46]
Australian Securities and Investments Commission, Submission 11 to
the Parliamentary Joint Committee on Law Enforcement, Inquiry into the impact
of new and emerging information and communications technologies, January 2018,
p. 3.
[47]
Australian Securities and Investments Commission, Submission 11 to
the Parliamentary Joint Committee on Law Enforcement, Inquiry into the impact
of new and emerging information and communications technologies, January 2018,
p. 10.
[48]
Australian Securities and Investments Commission, Submission 11 to
the Parliamentary Joint Committee on Law Enforcement, Inquiry into the impact
of new and emerging information and communications technologies, January 2018,
p. 10.
[49]
Australian Securities and Investments Commission, Industry funding
factsheet, June 2018.
[50]
The Hon Kelly O'Dwyer MP, Minister for Revenue and Financial Services, 'Government
takes action to enhance ASIC's capabilities', Media release, 28 March
2018.
[51]
Productivity Commission, Competition in the Australian Financial System,
29 June 2018, p. 24.
[52]
The estimates refer to figures quoted in Attorney General Department,
2016, Improving enforcement options for serious crime: Consideration of a
Deferred Prosecution Agreements scheme in Australia, Public Consultation
Paper, p. 1.), https://www.ag.gov.au/Consultations/Documents/Deferred-prosecution-agreements/Deferred-Prosecution-Agreements-Discussion-Paper.pdf
(accessed 12 February 2019).
[53]
Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2018.
[54]
Senate Economics References Committee, Performance of the Australian
Securities and Investments Commission, June 2014, p. xviii.
Chapter 4 - Oversight of the Takeovers Panel
[1]
Parliamentary Joint Committee on Corporations and Financial Services, Statutory
Oversight of the Australian Securities and Investments Commission, the
Takeovers Panel and the Corporations Legislation, Report No 1 of the 44th
Parliament, November 2014.
[2]
Parliamentary Joint Committee on Corporations and Financial Services, Report
on the 2016–2017 annual reports of bodies established under the ASIC Act,
July 2018.
[3]
Except where otherwise indicated, material in this section is derived
from The Takeovers Panel website, especially About the Panel, https://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=about/about_the_panel.htm#role (accessed 12 February 2019).
[4]
Michael Hoyle, 'An overview of the Role, Functions and Powers of the
Takeovers Panel' in Ian Ramsay ed., The Takeovers Panel and Takeovers
Regulation in Australia, Melbourne University Press, 2010, p. 47.
[5]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 1.
[6]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 9.
[7]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 5.
[8]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 8. This matter was also discussed in the Oversight report No.
1 of 44th Parliament, cited above, pp. 4–5.
[9]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 5.
[10]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 2.
[11]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 3.
[12]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16 February
2018, p. 3.
[13]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 6.
[14]
For example: Matthew Stevens, 'Taurus Funds Management earns a big win in
losing Takeovers Panel appeal', Australian Financial Review, 7
June 2018, https://www.afr.com/business/mining/copper/taurus-funds--management-earns-a-big-win-in-losing-takeovers-panel-appeal-20180607-h113si
(accessed 12 February 2019).
[15] Myriam
Robin, 'ASIC, Takeovers Panel missed red flags on Chris Collins at Innate
Immunotherapeutics', Australian Financial Review, 12 August 2018,
https://www.afr.com/brand/rear-window/asic-takeovers-panel-missed-red-flags-on-chris-collins-at-innate-immunotherapeutics-20180812-h13v1d
(accessed 12 February 2019).
[16]
Mr Alan Bulman, Committee Hansard, 16 February 2018, p. 3.
[17]
Emma Armson, 'Speed in decision-making: an assessment of the Australian
Takeovers Panel', Company and Securities Law Journal 352, 2017, UNSW Law
Research Series 2018, pp. 12–21.
[18]
Emma Armson, 'Flexibility in decision-making: an assessment of the
Australian Takeovers Panel', UNSW Law Journal, vol. 40, no. 2, May 2017.
[19]
ASIC's 'truth in takeovers' policy is contained in ASIC Regulatory Guide
25, Takeovers: false and misleading statements. According to Michael Gajic and
Ratha Nabanidham, 'ASIC Regulatory Guide 25 provides that a person who makes a
statement in relation to a takeover bid should be held to that statement, and
cannot depart from the statement, unless the person clearly and expressly
qualifies it at the time of making it': Michael Gajic and Ratha Nabanidham, Minter
Ellison, 'The continued erosion of ASIC's 'truth in takeovers' policy—is there
now a new way to avoid the policy?', https://www.minterellison.com/articles/the-continued-erosion-of-asics-truth-in-takeovers-policy
(accessed 12 February 2019).
[20]
Emma Armson, 'Certainty in decision-making: An assessment of the
Australian Takeovers Panel', Sydney Law Review 17, vol. 38, no. 3, 2016,
http://www.austlii.edu.au/au/journals/SydLRev/2016/17.html
(accessed 12 February 2019).
[21]
Mr Bruce Dyer, Counsel, Takeovers Panel, Committee Hansard, 16
February 2018, p. 6.
[22]
Mr Bruce Dyer, Counsel, Takeovers Panel, Committee Hansard, 16
February 2018, pp. 8–9.
[23]
Mr Allan Bulman, Director, Takeovers Panel, Committee Hansard, 16
February 2018, p. 9.