4. Enforcement by the Panel
Past version: effective from 20/10/2015 - 19/10/2015
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(1) In discharge of its obligations under section 1(2) of the Takeover Regulations 2015 the Panel may take appropriate remedial, compensatory or disciplinary action in the event of breaches of the Takeover Regime.
(2) Complaints that the Takeover Regime has been breached must be made promptly, failing which the Panel may, at its discretion, decide not to consider the complaint. Where a person who has made a complaint to the Panel fails to comply with a deadline set by the Panel, the Panel may decide to disregard the complaint in question.
(3) If the Panel is satisfied that—
(a) there is a reasonable likelihood that a person will contravene a requirement imposed by or under the Takeover Regime, or
(b) a person has contravened a requirement imposed by or under the Takeover Regime,
the Panel may give any direction that appears to it to be necessary in order—
(i) to restrain a person from acting (or continuing to act) in breach of the Takeover Regime,
(ii) to restrain a person from doing (or continuing to do) a particular thing, pending determination of whether that or any other conduct of his is or would be a breach of the Takeover Regime, or
(iii) otherwise to secure compliance with rules.
(4) Where a person has breached the requirements of any of paragraphs 6, 9, 11, 13, 14, 15.1 or 34.3 of the Takeover Code, the Panel may make a ruling requiring the person concerned to pay, within such period as is specified, to the holders, or former holders, of securities of the offeree company such amount as it thinks just and reasonable so as to ensure that such holders receive what they would have been entitled to receive if the relevant paragraph had been complied with. In addition, the Panel may make a ruling requiring simple or compound interest to be paid at a rate and for a period (including in respect of any period prior to the date of the ruling and until payment) to be determined.
(5) If the Panel finds a breach of the Takeover Regime, it may—
(a) issue a private statement of censure,
(b) issue a public statement of censure,
(c) suspend or withdraw any exemption, approval or other special status which the Panel has granted to a person, or impose conditions on the continuing enjoyment of such exemption, approval or special status, in respect of all or part of the activities to which such exemption, approval or special status relates,
(d) report the offender's conduct to any authority or professional body which the offender is regulated or authorised by so that that authority or body can consider whether to take disciplinary or enforcement action, or
(e) publish a statement indicating that the offender is someone who, in the Panel's opinion, is not likely to comply with the Code. Such statements will normally indicate that this sanction will remain effective for only a specified period.