Financial Services and Markets Act 2000

143 Endorsement of codes etc. U.K.

(1) The Authority may make rules (“endorsing rules”)—

(a) endorsing the City Code on Takeovers and Mergers issued by the Panel on Takeovers and Mergers;

(b) endorsing the Rules Governing Substantial Acquisitions of Shares issued by the Panel.

[F1 (1A) The Authority may not make endorsing rules in respect of provisions of that Code that are given effect by regulation 3 of the Takeovers Directive (Interim Implementation) Regulations 2006.]

(2) Endorsement may be—

(a) as respects all authorised persons; or

(b) only as respects a specified kind of authorised person.

(3) At any time when endorsing rules are in force, and if asked to do so by the Panel, the Authority may exercise its powers under Part IV or section 66 as if failure to comply with an endorsed provision was a ground entitling the Authority to exercise those powers.

(4) At any time when endorsing rules are in force and if asked to do so by the Panel, the Authority may exercise its powers under Part XIII, XIV or XXV as if the endorsed provisions were rules applying to the persons in respect of whom they are endorsed.

(5) For the purposes of subsections (3) and (4), a failure to comply with a requirement imposed, or ruling given, under an endorsed provision is to be treated as a failure to comply with the endorsed provision under which that requirement was imposed or ruling was given.

(6) If endorsed provisions are altered, subsections (3) and (4) apply to them as altered, but only if before the alteration the Authority has notified the Panel (and has not withdrawn its notification) that it is satisfied with the Panel’s consultation procedures.

(7) “Consultation procedures” means procedures designed to provide an opportunity for persons likely to be affected by alterations to those provisions to make representations about proposed alterations to any of those provisions.

(8) Subsections (1), (2)(d), (4), (5), (6)(a) and (12) of section 155 apply (with the necessary modifications) to a proposal to give notification of the kind mentioned in subsection (6) as they apply to a proposal to make endorsing rules.

(9) This section applies in relation to particular provisions of the code or rules mentioned in subsection (1) as it applies to the code or the rules.

Textual Amendments

F1 S. 143(1A) inserted (20.5.2006) by The Takeovers Directive (Interim Implementation) Regulations 2006 (S.I. 2006/1183), reg. 18(4)

Commencement Information

I1 S. 143 wholly in force at 1.12.2001; s. 143 not in force at Royal Assent see s. 431(2); s. 143 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 143 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)