Relationship between the Takeovers Panel and the Securities Commission

Published 1 June 2001

The Panel and the Commission are separate Crown entities with their own legislation and defined functions.

The Panel and the Commission are separately funded and they report to Parliament quite independently of each other. The Panel and the Commission have separate “boards of directors” with their Panel members and Commission members.

Commission staff provide administrative and support services to the Panel. They do so under the authority of the Securities Amendment Act (No 2) 2001 which empowers the Commission to provide services to the Panel by agreement. Services are purchased at an agreed level and price each year. The result of this is that some of the Commission’s staff also undertake work for the Takeovers Panel.