Financial Markets Conduct (Takeovers Panel) Exemption Notice 2020

Summary: The notice exempts the Takeovers Panel (the Panel) from the substantial holding disclosure provisions of the Financial Markets Conduct Act 2013 (the FMC Act) in respect of any relevant interest in quoted voting products of a listed issuer that the Panel has, as the result of an enforceable undertaking.  This relevant interest would only arise as a result of the Panel performing its regulatory role in Takeovers Code regulated transactions.  It would not be related to normal trading in the market or any other activity the deterrence of which is the purpose of the substantial holding disclosure provisions as set out in section 273 of the FMC Act. 

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The exemption will promote the confident and informed participation of businesses, investors and consumers in the financial markets by reducing the potential for uncertainty and confusion as to the nature of the Panel’s interest in respect of any substantial holdings in listed issuers.  The exemption will also promote flexibility in the substantial holdings disclosure regime for an issue that appears to arise as an unintended consequence.