Part 28 of the Companies Act (2006), which placed the Takeover Panel and Takeover Code on a statutory footing, was extended to the Isle of Man by the Companies Act 2006 (Extension of Takeover Panel Provisions) (Isle of Man) Order 2008, which comes into force on 1 March 2009.Section 948 of the 2006 Act imposes restrictions on the Takeover Panel with regard to its disclosure of information relating to the private affairs of an individual or a business. Such information cannot be disclosed without the consent of the individual or the person carrying on business. However, consent is not required where disclosure is made to a person listed in Part 1 of Schedule 2 in the 2006 Act. This list is to be updated by the Companies Act 2006 (Amendment of Schedule 2) Order 2009 to include, inter alia, the Isle of Man Treasury, the Attorney General of the Isle of Man and the Financial Supervision Commission. The Order comes into force on 1 March 2009.
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