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The Bank Recovery and Resolution (No. 2) Order 2014
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- UK Statutory Instruments
- 2014 No. 3348
- PART 17
- Article 219
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Modified application of the Companies Act 2006 (disapplication of Article 5.1 of the Takeovers Directive)
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219.—(1) This article applies for the purpose of ensuring that Article 5.1 of Directive 2004/25/EC of the European Parliament and of the Council of 21st April 2004 on takeover bids(1) does not apply in relation to any change in interests in shares or any other transaction which is, in either case, effected by the use of resolution tools, powers and mechanisms.
(2) Part 28 of the Companies Act 2006 (Takeovers etc) has effect as if, in section 943 (rules), after subsection (1) there were inserted—
“(1A) Rules giving effect to Article 5.1 of the Takeovers Directive must provide that they do not apply in relation to any change in interests in shares or other transaction which is effected by the use of resolution tools, powers and mechanisms (within the meaning given in article 216 of the Bank Recovery and Resolution (No. 2) Order 2014).”.
(1)
OJ No. L 142, 30.4.2004, p. 12.
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