They:

• approve the independent advisers who advise shareholders on transactions that are regulated by the Takeovers Code
• consider applications from persons who want to be excused from complying with the Takeovers Code
• review market practice and recommend any changes to the law that we think are necessary
• promote public understanding about the Takeovers Code.

These rules only apply to large companies who are listed on the NZ stock exchange (NZX) or have more than 50 shareholders.