§ Mr. GibbTo ask the Secretary of State for Trade and Industry if he will list the legislative changes required by the proposed EU Takeovers Directive. [90092]
§ Dr. HowellsIt would not be possible to say, until the Directive had been finally adopted by the Council and the European Parliament, following its consideration for the second time by the European Parliament under the co-decision procedure, precisely what legislative changes would be required to Implement the Directive. However, it is likely that such legislation would formally designate the supervisory body which would be responsible in the UK for regulating takeovers (this could be a private body such as the Takeover Panel). In addition, some basic aspects of the regulatory framework set out in the Directive—such as the general principles which are presently included in Article 3—would no doubt have to be incorporated into legislation.