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Investment Funds, Companies and Miscellaneous Provisions Act 2006

Amendment of section 8 of Act of 1997.

29.— Section 8 of the Act of 1997 is amended—

(a) in subsection (1), by substituting “subsections (2), (3), (4) and (7A) to (7D)” for “subsections (2), (3) and (4)”, and

(b) by inserting after subsection (7) the following subsections:

“(7A) The power to make rules under this section includes the power to make provision in such rules to give effect to—

(a) a provision of the treaties of the European Communities, or

(b) an act adopted by an institution of those Communities.

(7B) Nothing in the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006 ( S.I. No. 255 of 2006 ) (referred to subsequently in this section as the ‘Regulations’)—

(a) prejudices the future exercise of the power of the Panel to make rules under this section for the purpose of giving effect to Directive 2004/25/EC 2 of the European Parliament and of the Council of 21 April 2004 on takeover bids (or any other act adopted by an institution of the European Communities),

(b) prevents the Panel from making like provision in rules under this section to that which was made by Regulation 11 of, and the Schedule to, the Regulations.

(7C) The Panel may, by rules under this section, revoke—

(a) Regulation 11 of, and the Schedule to, the Regulations, and

(b) the words ‘(being those rules as they stand amended by Regulation 11)’ where they occur in Regulations 16(3), 18(4) and 18(6) of the Regulations.

(7D) (a) Rules under any of the preceding subsections may contain such supplementary, incidental or consequential provisions as appear to the Panel to be necessary or desirable in respect of the matters mentioned in the particular subsection to which the rules concerned relate.

(b) Different rules may be made under this section in relation to any thing referred to in this section respecting a company by reference to whether the company is or is not a company a bid in respect of which the Panel has, by virtue of Regulation 6 of the Regulations, jurisdiction to supervise (which bid is referred to in paragraph (c) as a ‘Directive bid’).

(c) Paragraph (b) is without prejudice to the Panel’s power to make uniform provision in rules under this section in relation to every company—

(i) a Directive bid, or

(ii) a takeover or other relevant transaction,

in respect of which the Panel has jurisdiction to supervise.”.

2OJ L142, 30.04.2004, p.12