February 13, 2006

UK Panel Issues Clean-Up Consultation Paper

On Friday, the UK Panel on Takeovers and Mergers (which administers the City Code on Takeovers and Mergers) issued a consultation paper. This consultation paper mainly is a clean-up proposal as it looks to tweak 30 rules that come into affect later this year.

For background, consultation papers are the equivalent of proposing releases issued by the SEC – the UK Panel is required to publish proposed rules or amendments and consider responses from the public before publishing a statement of its conclusions.

The UK Panel is currently a non-statutory body, but this status is expected to change once the European Takeovers Directive has been implemented this summer.