Clause 657

Company Law Reform Bill [Lords] – in a Public Bill Committee at 6:15 pm on 18th July 2006.

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Fees and charges

Question proposed, That the clause stand part of the Bill.

Photo of Jonathan Djanogly Jonathan Djanogly Shadow Minister (Business, Innovation and Skills), Shadow Solicitor General, Shadow Minister (Justice)

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?

Photo of Mike O'Brien Mike O'Brien Solicitor General, Law Officers' Department

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.

Question put and agreed to.

Clause 657 ordered to stand part of the Bill.

Clauses 658 to 660 ordered to stand part of the Bill.