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ARTICLE · 23 OCTOBER 2013

Changes To Companies Subject To Takeover Code

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On 15 May 2013, the Code Committee of the Panel on Takeovers and Mergers ("Panel") published a response statement introducing certain changes to the Takeover Code ("Code") regarding the removal of the "residency test".

United KingdomFinance and Banking
Nick Heap
Nick Heap

On 15 May 2013, the Code Committee of the Panel on Takeovers and Mergers ("Panel") published a response statement introducing certain changes to the Takeover Code ("Code") regarding the removal of the "residency test".  The changes took effect on 30 September 2013.

Position prior to 30 September 2013

Previously, the Code applied to all public companies and Societas Europaeas incorporated in the UK, Channel Islands ("CI") or the Isle of Man ("IoM") whose securities were traded on a regulated market in the UK (i.e. the Main Market of the London Stock Exchange) or a stock exchange in the CI or IoM.

For those public companies and Societas Europaeas whose shares were admitted to trading on a market other than a regulated market (e.g. the AIM Market of the London Stock Exchange) then the Code only applied to such companies where the Panel considered that the relevant company had its central management and control in the UK, the CI or IoM (the so-called "residency tes

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