• UK TO Panel published Instrument 2023/4, which amends note 18 on rule 9.1 of the Takeover code, re bank and central counterparty recovery and resolution.

Amendment

• Introduces new paragraph stating that Rule 9.1 does not apply to certain transactions related to central counterparty (CCP) resolution tools, powers, mechanisms.
• This exemption is in accordance with regulation 3 of CCP regulations, which modifies Companies act 2006 to exclude some transactions from mandatory offer requirement.
• The amendments to note 18 on Rule 9.1 were made by the code committee without formal consultation, as they are a consequence of changes in legislation.

Effectiveness

• The amendments are effective from 31 December 2023.