Financial Services Authority

Bob Spink
To ask the Chancellor of the Exchequer what criteria the Financial Services Authority takes into account in regulating the take-over of listed public companies by Kazakh companies; and if he will make a statement.

Ian Lucas
[holding answer 16 September 2009]: I have been asked to reply.

The Takeover Panel is the authority designated to supervise and regulate takeovers in the UK.

The Panel’s statutory functions are set out in part 28 of the Companies Act 2006 and include powers to make rules governing the orderly conduct of takeovers in the UK as set out in the City Code on Takeovers and Mergers.

It would therefore be for the Panel to decide on issues of non-compliance with the rules in respect of takeovers in the UK. They may seek to enforce breaches of the Code through the courts and the Financial Services Authority.