Part 28U.K.Takeovers etc

Modifications etc. (not altering text)

C2Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

Chapter 1U.K.The Takeover Panel

Modifications etc. (not altering text)

Miscellaneous and supplementaryU.K.

964Amendments to Financial Services and Markets Act 2000U.K.

(1)The Financial Services and Markets Act 2000 (c. 8) is amended as follows.

(2)Section 143 (power to make rules endorsing the City Code on Takeovers and Mergers etc) is repealed.

F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)In section 349 (exceptions from restrictions on disclosure of confidential information), after subsection (3) insert—

“(3A)Section 348 does not apply to—

(a)the disclosure by a recipient to which subsection (3B) applies of confidential information disclosed to it by the Authority in reliance on subsection (1);

(b)the disclosure of such information by a person obtaining it directly or indirectly from a recipient to which subsection (3B) applies.

(3B)This subsection applies to—

(a)the Panel on Takeovers and Mergers;

(b)an authority designated as a supervisory authority for the purposes of Article 4.1 of the Takeovers Directive;

(c)any other person or body that exercises public functions, under legislation in an EEA State other than the United Kingdom, that are similar to the Authority's functions or those of the Panel on Takeovers and Mergers.”.

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)In section 417(1) (definitions), insert at the appropriate place—

““Takeovers Directive” means Directive 2004/25/EC of the European Parliament and of the Council;”.

Textual Amendments