The Code Committee carries out the rule-making functions of the Panel and is solely responsible for keeping the Code (other than certain matters set out in Section 4(b) of the Introduction to the Code) under review and for proposing, consulting on, making and issuing amendments to the Code. Its functions are summarised in Section 4(b) of the Introduction to the Code and are set out in full in its Terms of Reference.
The Code Committee represents a spread of shareholder, corporate, practitioner and other interests within the Panel’s regulated community. Up to 12 members of the Panel are designated by the Panel as members of the Code Committee.
Matters leading to possible amendment to the Code might arise from a number of sources, including specific cases which the Panel has considered, market developments or particular concerns of those operating within the markets.
The Code Committee usually consults publicly on proposed amendments to the Code via a Public Consultation Paper (“PCP”). Following the end of the consultation period, the Code Committee publishes its conclusions and the final Code amendments in a Response Statement (“RS”). The Code Committee’s consultation procedures are summarised in Section 4(b) of the Introduction to the Code and set out in full in its terms of reference.
PCPs and RSs issued by the Code Committee can be viewed in the Consultation section.
New Procedures for Amending the Takeover Code and Terms of Reference
The Code Committee adopted new Procedures for Amending the Takeover Code on 11 July 2016 and the Panel adopted new Terms of Reference for the Code Committee on 13 July 2016. The new Procedures for Amending the Takeover Code and new Terms of Reference will come into effect on Monday, 12 September 2016.