In July 2010 the Takeover Appeal Board confirmed the Takeover Panel’s three year ”cold-shouldering” of Brian Myerson, Brian Padgett and Daniel Posen. This, only the second “cold-shoulder” in 40 years, triggered MAR 4.3 (Support of the Takeover Panel’s Functions) of the FSA Handbook, which requires that FSA-authorised firms:
“must not act, or continue to act, for any person in connection with a transaction to which the Code applies if the firm has reasonable grounds for believing that the person in question, or his principal, is not complying or is not likely to comply with the Code”.
The effect is that no authorised firm can act for the three individuals on any transaction falling within the Code.
Without any comment or explanation, this reminder appeared on the FSA website on 31 July 2012:
“On 31 July 2012, the Market Monitoring department sent a reminder to all FSA authorised firms setting out key elements of the ‘cold-shouldering’ requirement imposed by the Panel on Takeovers and Mergers in respect of Brian Myerson, Brian Padgett and Daniel Posen in 2010.”
One can only guess at the reason for the reminder…
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