Part 28Takeovers etc

Chapter 1The Takeover Panel

Hearings and appeals

951Hearings and appeals

(1)

Rules must provide for a decision of the Panel to be subject to review by a committee of the Panel (the “Hearings Committee”) at the instance of such persons affected by the decision as are specified in the rules.

(2)

Rules may also confer other functions on the Hearings Committee.

(3)

Rules must provide for there to be a right of appeal against a decision of the Hearings Committee to an independent tribunal (the “Takeover Appeal Board”) in such circumstances and subject to such conditions as are specified in the rules.

(4)

Rules may contain—

(a)

provision as to matters of procedure in relation to proceedings before the Hearings Committee (including provision imposing time limits);

(b)

provision about evidence in such proceedings;

(c)

provision as to the powers of the Hearings Committee dealing with a matter referred to it;

(d)

provision about enforcement of decisions of the Hearings Committee and the Takeover Appeal Board.

(5)

Rules must contain provision—

(a)

requiring the Panel, when acting in relation to any proceedings before the Hearings Committee or the Takeover Appeal Board, to do so by an officer or member of staff of the Panel (or a person acting as such);

(b)

preventing a person who is or has been a member of the committee mentioned in section 943(5) from being a member of the Hearings Committee or the Takeover Appeal Board;

(c)

preventing a person who is a member of the committee mentioned in section 943(5), of the Hearings Committee or of the Takeover Appeal Board from acting as mentioned in paragraph (a).