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Implementation Of The Takeovers Code

The acting Minister of Commerce Trevor Mallard has today outlined the process and timeframe for the implementation of a takeovers code.

Trevor Mallard said the Government is keen to implement a takeovers code as soon as possible, but the 1995 code, on which it will be based, may need some technical amendments.

“The Government will return the 1995 code to the Takeovers Panel, so that the Panel can consider, what, if any, technical amendments need to be made," he said.

“It is expected that the Panel will consult with market participants on any proposed technical amendments, and that any amendment and consultation will be finished by the end of June.

“The code will go to Cabinet for consideration and then to the Governor General for agreement in late August.

“The Securities Commission will be given the task of carrying out the administrative, investigation, and public awareness functions on behalf of the Takeovers Panel.

“There will be a transition period between the code being brought into law following the Governor General’s agreement and when it comes into effect.

"This transition period will give time for changes to be made to current legislation so the Securities Commission can perform its new functions, and to educate the public about the code”.

“It will also give the business community time to establish procedures to comply with the new takeovers regime”.

“We expect the code will come into effect early next year," he said.


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