The exempt status regime has been devised for groups which are regularly involved in transactions governed by the Codes on Takeovers and Mergers and Share Buy-backs (Codes) in a corporate finance advisory capacity. The Takeovers Executive is prepared to grant exempt status, in appropriate cases, to fund managers and principal traders whose activities are carried on separately from and are not influenced by corporate finance operations.
Having exempt status means that the Takeovers Executive does not normally regard the relevant fund manager or principal trader as acting in concert with its group’s corporate clients.
Exempt fund managers
An exempt fund manager (EFM) is a person who manages investment accounts on a discretionary basis and has obtained an exempt status for the purposes of the Codes.
How to apply
- Revised guidelines for certain fund managers issued in August 2005 (fast track applications)
- General guidelines for EFMs issued in April 2001 on applications for EFM status
List of fund managers with EFM status
Exempt principal traders
An exempt principal trader (EPT) is a person who trades as a principal in securities for the purpose of certain trading activities allowed by the Takeovers Executive during an offer period and who has obtained an exempt status for the purposes of the Codes.
How to apply
- Revised guidelines for certain principal traders issued in August 2005 (fast track applications)
- General guidelines for EPTs issued in April 2001 on applications for EPT status
List of principal traders with EPT status
For further information regarding EFMs and EPTs, please see Practice Note 9.
Last update: 17 Feb 2020