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Statutory Instruments

2008 No. 3073

Banks And Banking

The Takeover Code (Concert Parties) Regulations 2008cross-notes

Made

at 10.00 a.m. on 28th November 2008

Laid before Parliament

at 11.00 a.m. on 28th November 2008

Coming into force

at 12.00 p.m. on 28th November 2008

The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972(1) in relation to credit and financial institutions and the taking of deposits or other repayable funds from the public(2).

In exercise of the powers conferred on them by section 2(2) of the European Communities Act 1972, the Treasury make the following Regulations:

Citation, commencement and interpretationI1

1.—(1) These Regulations may be cited as the Takeover Code (Concert Parties) Regulations 2008 and come into force 12.00 p.m. on 28th November 2008.

(2) In these Regulations—

(a)“the Takeover Code” means the rules made by the Panel on Takeovers and Mergers under section 943 of the Companies Act 2006(3) otherwise known as the City Code on Takeovers and Mergers;

(b)“shares” means equity securities within the meaning of section 560 of the Companies Act 2006 and other transferable securities carrying voting rights;

(c)“recapitalisation scheme” means the facility announced by the Chancellor of the Exchequer on 8 October 2008 to make available capital to certain financial institutions in order to strengthen their resources in the interests of financial stability;

(d)“UKFI” means UK Financial Investments Limited, company registered number 06720891.

Application of Rule 9 of the Takeover CodeI2

2.—(1) For the purposes of Rule 9 of the Takeover Code the following persons are not to be regarded as acting in concert with each other or the Treasury or the Secretary of State or UKFI by virtue of the Treasury holding (through a nominee or otherwise) shares in each of those persons—

(a)a person some or all of the shares in which are held by a nominee of the Treasury or a company wholly owned by the Treasury as a result of the exercise of powers under the Banking (Special Provisions) Act 2008(4);

(b)a person participating in the recapitalisation scheme.

(2) For the purposes of Rule 9 of the Takeover Code, the Treasury, the Secretary of State and UKFI are not to be regarded as acting in concert with each other by virtue of the Treasury’s relationship with, and the Secretary of State’s and UKFI’s functions in relation to, a person listed in paragraph (1)(a) or (b).

Frank Roy

Steve McCabe

Two of the Lords Commissioners of Her Majesty’s Treasury

28th November 2008

Status: The Takeover Code (Concert Parties) Regulations 2008 is up to date with all changes known to be in force on or before 01 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
The Takeover Code (Concert Parties) Regulations 2008 (2008/3073)

Displaying information

Status of this instrument

footnotecommentarytransitional and savingsin force statusrelated provisionsgeo extentinsert/omitsource countin force adj
C1Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
I1Reg. 1 in force at 28.11.2008 12:00 p.m., see reg. 1(1)
I2Reg. 2 in force at 28.11.2008 12:00 p.m., see reg. 1(1)
Defined TermSection/ArticleIDScope of Application
recapitalisation schemereg. 1.recapitali_rtKbcQc
sharesreg. 1.shares_rtNW0lG
the Takeover Codereg. 1.the_Takeov_rtnuY9l
UKFIreg. 1.UKFI_rtlilvO
This instrument is derived from the version at www.legislation.gov.uk. To see a list of all amendments (including any to be made) check the resources page for this instrument on their website. Note, the status of this instrument is given above.
This instrument is derived from the version at www.legislation.gov.uk. To see original commencement information, check the resources page associated with this instrument. n.b. commencement information for marked amendments is embedded in the relevant footnote.

Status of changes to instrument text

The list includes made instruments, both those in force and those yet to come into force. Typically, instruments that are not yet in force (hence their changes are not incorporated into the text above) are indicated by description 'not yet' in the changes made column.