The Panel has power under section 45 of the Takeovers Act 1993 to grant exemptions from compliance with the Code. The Code is broad in its effect and in some areas it is quite prescriptive. As a consequence, the Code can have unintended consequences or may not adequately provide for unexpected or unusual circumstances. The exemption power is, therefore, necessary to deal with these situations to ensure that the Code operates effectively and efficiently and fulfills its objectives.

The class exemptions contained in the Takeovers Code (Class Exemptions) Notice (No 2) 2001 demonstrate the types of situations that the Panel’s exemption power is intended to address.

Individual exemptions granted by the Panel show the approach in a range of different circumstances. See current and expired individual exemptions. 

Guidance on applying for an exemption 

A guide to applying for an exemption is set out in the Guidance Note on Exemptions. You should provide a draft exemption notice with a draft statement of reasons that states why it would be appropriate that the exemption is granted, and how the exemption is consistent with objectives of the Code. The Panel Executive is available to assist with any questions about the Takeovers Code.

How to submit your application

Submit your completed application to:


An application fee ($100 plus GST) and accrued fees and costs will be billed monthly. The Panel may require fees to be paid in advance. Applicants must also reimburse the Panel for the costs of notifying the exemption notice in the Gazette.