Company Law Reform Bill [Lords]
Jonathan Djanogly (Shadow Solicitor General (Also Shadow Minister for Trade and Industry), Law Officers (Assist the Home Affairs Team); Huntingdon, Conservative)
Will the fees and charges payable to the panel need to increase as a result of the changes? Will the provisions affect the cost of running the panel?
Mike O'Brien (Solicitor General, Law Officers' Department; North Warwickshire, Labour)
That will be a matter for the panel. Historically, the takeover panel has had no such revenue-raising powers and it has been funded through two main sources—document charges and the levy. In that way, the cost of the regulation of takeovers is borne jointly by those involved directly in bid activity and participants more generally involved in the financial markets. The existing model of financing should be mirrored in the new statutory regime. It enables the panel to make rules for the payment of fees or charges to the panel.