SCHEDULE
Article 2
Modifications subject to which Chapter 1 of Part 28 of the Companies Act 2006 extends to the Isle of Man
1.—(1) Section 943 (rules about takeovers)6is modified as follows.
(2) For subsection (1) substitute—
“1 The Panel may make rules corresponding to the rules applying to takeover bids in the United Kingdom.”.
(3) Omit subsection (1A)7.
2. In section 947(10) (power to require documents and information) omit “(in Scotland, to confidentiality of communications)”.
3. In section 948—
(a) omit subsections (4) and (5);
(b) in subsection (7) after paragraph (ab)8insert—
“(ac)
“(ac) the Central Registry of the Isle of Man (established by the Central Registry Act 2018 (an Act of Tynwald: AT 13 of 2018));”; and
(c) in subsection (9) after “the data protection legislation”9insert—
“(within the meaning of regulation 5 of the GDPR and LED Implementing Regulations 2018 of the Isle of Man10)”.
4. In section 949 (offences) for subsection (2) substitute—
“2 A person guilty of an offence under this section is liable—
(a) on conviction on information, to custody for a term not exceeding two years or a fine (or both);
(b) on summary conviction to custody for a term not exceeding 12 months, or to a fine not exceeding level 5 on the standard scale (or both).
The reference to the standard scale is to the scale set out in section 55 of the Interpretation Act 2015 (an Act of Tynwald: AT 11 of 2015)11.”.
5. In section 950(1) (Panel’s duty to co-operate) after paragraph (ab)12insert—
“(ac)
“(ac) the Central Registry of the Isle of Man (established by the Central Registry Act 2018 (an Act of Tynwald: AT 13 of 2018));”.
6. In section 953 (failure to comply with rules about bid documentation) for subsection (6) substitute—
“6 A person guilty of an offence under this section is liable—
(a) on conviction on information, to custody for a term not exceeding two years or a fine (or both);
(b) on summary conviction to custody for a term not exceeding 12 months, or to a fine not exceeding level 5 on the standard scale (or both).
The reference to the standard scale is to the scale set out in section 55 of the Interpretation Act 2015 (an Act of Tynwald: AT 11 of 2015).”.
7. In section 955 (enforcement by the court)—
(a) in subsection (2) for “or, in Scotland, the Court of Session” substitute “of the Isle of Man”; and
(b) omit subsection (3)(b).
8. In section 961(3) (extent of exemption from liability in damages) for “section 6(1) of the Human Rights Act1998 (c. 42)” substitute “section 6(1) of the Human Rights Act 2001 (an Act of Tynwald: AT 1 of...
