Performance Pledges of the Takeovers Team for applications under the Codes and Code-related documents
The Codes on Takeovers and Mergers and Share Buy-backs ("Codes") are administered by the Takeovers Executive. In 80% of the transactions and applications we aim to meet the following response times.
| Categories | Types | Time limit for response (unless specified, timing is calculated from the receipt of all information required to make a decision) |
|---|---|---|
| Consultations and rulings under sections 6 and 8 of the Introduction to the Codes | ||
| Applications for rulings and consultations with the Executive | All ruling applications and consultations under the Codes (except for those set out below) |
5 business days If the subject matter involves complex Code issues the time limit will be extended to 21 business days and the applicants will be informed of this |
| Applications for rulings that are conditional on obtaining shareholders' approval in a general meeting | Normally issued within 5 business days before the relevant shareholders' meeting so that the ruling can be based on up-to-date information. | |
| Fast track EFM/EPT applications and EFM/EPT annual confirmations1 | 10 business days | |
| All other EFM/EPT applications | 21 business days | |
| Comments and clearance of announcements & documents under Rule 12 of the Takeovers Code | ||
| First draft of firm intention announcement under Rule 3.5 of the Takeovers Code | No complex Code issues involved | 2 business days |
| Complex Code issues involved | 3 business days – the parties will be informed of the longer time needed | |
| All other announcements (including revised drafts) | No complex Code issues involved | 1 business day |
| Complex Code issues involved | 3 business days – the parties will be informed of the longer time needed | |
| All drafts of shareholders' documents (including offer documents, offeree board circulars, whitewash circulars, scheme documents, share buy-back circulars) | 5 business days | |
1EFMs and EPTs refer to exempt fund managers and exempt principal traders as defined under the Codes.
The above timeframe assumes that any announcements, documents or ruling applications submitted for our review are in an advanced form.
Last update: 16 Jan 2020