Corporations Service Update: New ASIC Regulatory Guide added

We have added ASIC Regulatory Guide 71: Downstream acquisitions to the TimeBase Corporations Law service.

Key points as follows: RG 71 is for companies, listed managed investment schemes, investors and their advisers who are involved in, or affected by, downstream acquisitions. In some circumstances, a downstream acquisition may breach s606 of the Corporations Act 2001.
The guide explains:

• the downstream acquisition exemption in item 14 of s611 (item 14);

• when we may grant relief;

• the conditions that may apply to our relief; and

• how to apply for relief.

Issued Date 16 May 2010
Commencement Date 15 November 1993
Legislation Corporations Act 2001 (No. 50): Chapter 6

The full Regulatory Guide and much more is included for subscribers in the Point-in-Time Corporations service. If you are not already a subscriber to this Australian Legislation then please contact us to find out more or to take a free trial.