2. THE NATURE AND SCOPE OF THE PANEL'S FUNCTIONS AND INTENDED OPERATIONS

1. to keep under review the law relating to takeovers of specified companies and to recommend to the Minister any changes to that law that it considers necessary;
2. for the purposes of paragraph (a), to keep under review practices relating to takeovers of specified companies;
3. to investigate any act or omission or practice for the purpose of exercising its powers and functions under Part III of the Takeovers Act 1993;
4. to make determinations and orders and make applications to the Court in accordance with Part III of the Act;
5. to co-operate with any overseas regulator and, for that purpose (but without limiting this function), to communicate, or make arrangements for communicating, to that overseas regulator information obtained by the Panel in the performance of its functions and powers (whether or not confidential) that the Panel considers may assist that overseas regulator in the performance of its functions;
6. to promote public understanding of the law and practice relating to takeovers; and
7. to perform such other functions as are conferred on it by the Act.

1. Enforcement activities, ranging from reviewing takeover documents, investigating complaints, convening formal meetings to exercise its enforcement powers and seeking orders from the Courts where necessary. Because of the widening of the Panel's powers arising from the passage of the Securities Legislation Bill the Panel expects to undertake an expanded level of enforcement activity in the coming year as market participants test the scope of the Panel's new powers and how it will use them;
2. Approval activities, including the approval of independent advisers and the appointment of independent experts when required under the Code. The level of these activities undertaken is determined by market demand. The Panel sets high standards of competence and independence for approving independent advisers and does not intend to lower its standards. However, the Panel always welcomes new advisers to the market;
3. Exemption activities, including the consideration and granting of individual and class exemptions for a range of events and transactions that are covered by the Code but where some relief from its requirements is appropriate. The level of these activities is also dependent on market demand. When granting exemptions the Panel must ensure they are appropriate and consistent with the objectives of the Code;
4. Educational activities, including publication of Code Word and the issue of practice notes and guidance notes to inform the market about the Panel's decisions and policies and to assist practitioners in the market to understand how the Panel views various issues. This is particularly important in 2006/2007 because of the technical changes made to the Code and the broadening of the scope of the Act and Code through the Securities Legislation Bill.

1. Working with a group of key market participants to investigate and develop responses to issues including the inter-relationship between the Securities Act and the Takeovers Act when takeover offers involving scrip as consideration are involved;
2. Analysis of comments received on a discussion paper issued by the Panel concerning the interaction between the provisions of company law and takeovers law as they apply to schemes of arrangement effected under part XV of the Companies Act 1993;
3. Preparation and publication of a discussion paper considering possible changes that could be made to the law relating to schemes of arrangement and amalgamations to provide greater consistency with the principles of the Code where code companies are involved; and
4. Reviewing the terms of the Panel's class exemptions from time to time to ensure they remain relevant and appropriate.

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