Irish Takeover Panel Act, 1997

Power of Panel to advise, admonish or censure.

10.—(1) The Panel may on its own initiative, or at the request of any party to a takeover or other relevant transaction or of a recognised stock exchange, enquire into the conduct of any person where it has reasonable grounds for believing that a contravention of the scheduled principles or of rules under section 8 has occurred or may occur.

(2) The Panel may following an enquiry into the conduct of any person under this section, if it so thinks fit, advise, admonish or censure such person in relation to his or her conduct.

(3) The Panel may publish, in such manner as it thinks fit, notice of the giving or administering of any such advice, admonition or censure and of the terms thereof.

(4) A person whom the Panel, under this section, advises, censures or admonishes in relation to his or her conduct may appeal to the Court against the giving or administering of such advice, censure or admonition and the Court, on the hearing of such an appeal, may as it thinks fit—

(a) confirm the decision of the Panel in the matter, or

(b) annul that decision and direct the Panel, as the Court considers appropriate, either to—

(i) conduct a fresh enquiry into the matter (and the provisions of this section shall apply to such an enquiry), or

(ii) publish in a specified manner notice of the decision of the Court.