Legislative basis
United Kingdom
The Panel’s statutory functions are set out in and under Chapter 1 of Part 28 (sections 942 to 965) of the Companies Act 2006 (the “Act”), as amended by The Companies Act 2006 (Amendment of Schedule 2)(No 2) Order 2009 .
The Explanatory Notes on the Act are available to read online:
Isle of Man
Chapter 1 of Part 28 of the Act has been extended to the Isle of Man with certain modifications by The Companies Act 2006 (Extension of Takeover Panel Provisions) (Isle of Man) Order 2008 (as amended by The Companies Act 2006 (Extension of Takeover Provisions) (Isle of Man) Order 2009).
Jersey
The Panel has been appointed by the Companies (Appointment of Takeovers and Mergers Panel) (Jersey) Order 2009, made under Article 2 of the Companies (Takeovers and Mergers Panel) (Jersey) Law 2009, to carry out certain regulatory functions in relation to takeovers and mergers under Jersey law.
Guernsey
The Panel has been appointed under the Companies (Guernsey) Law, 2008 to carry out certain regulatory functions in relation to takeovers and mergers under Guernsey law.