The Panel on Takeovers and Mergers, the U.K. regulator, was set to issue a response statement as DW went to press, enlarging on derivatives disclosure rules in takeover situations. Last year, in what was seen as a blow for the over-the-counter market, the panel added equity derivatives to disclosure requirements for holdings over 1% in a target company (DW, 7/1).
This week's statement is expected to outline how existing cash rules will be amended to apply to derivatives. It is also likely to confirm certain trading desks already exempt from cash disclosure will also be exempt from disclosing derivative positions. It follows a consultation period which ended in January.
Tony Pullinger, deputy director general at the Panel in London, said the response statement will also announce when the new rules will come into effect. He declined comment on the content ahead of publication.
