Temporary class exemptions from the Takeovers Code have been granted due to the COVID-19 lockdown. Check the Takeovers Panel website for details.
The Panel’s mandate is to strengthen investor confidence in New Zealand’s capital markets by enforcing the Takeovers Code. This ensures that all shareholders, no matter their size or influence, have equal opportunity to participate in transactions involving Code companies.
As a regulator of the takeovers market, the Panel:
- enforces the Takeovers Code to ensure that Code-regulated transactions are transparent and equitable
- enables participants to comply with their Code obligations
- considers applications for exemptions from the Code
- reviews market practice and undertakes policy development
- recommends reform to takeovers law
- promotes public understanding of takeovers law.
The Takeovers Code applies only to companies which are listed on the NZX, or which have 50 or more shareholders and 50 or more share parcels.