2. Rules

(1) The Panel may make rules —
(a) for or in connection with the regulation of takeover bids and merger transactions of relevant companies, however effected, including by means of contractual offer, statutory merger or scheme of arrangement and other transactions which have the objective or potential effect (directly or indirectly) of obtaining or consolidating control of relevant companies, as well as partial offers to shareholders for securities in relevant companies (a "takeover transaction"),
(b) for or in connection with the regulation of things done in consequence of, or otherwise in relation to, any such bid or transaction, and
(c) about cases where —
(i) any such bid or transaction is, or has been, contemplated or apprehended, or
(ii) an announcement is made denying that any such bid or transaction is intended.
(2) A reference to rules in the following provisions of this Chapter is to rules under these Regulations.
(3) Subject to sub-section (6), rules made under this Section apply in respect of the following persons in relation to takeover transactions —
(a) any body corporate whose voting shares are, or have been in the 5 years prior to the relevant date, listed or admitted to trading on any recognised investment exchange within the Abu Dhabi Global Market, irrespective of their jurisdiction of incorporation,
(b) any company registered in the Abu Dhabi Global Market (whether incorporated in or continued into the Abu Dhabi Global Market) as a public company at any time in the 5 years prior to the relevant date and having more than 50 shareholders except where, on the application of the company, the Panel rules otherwise,
(c) any person making or contemplating making an offer to acquire securities in any of the foregoing,
(d) directors, partners, officers, employees or representatives through whom any of the foregoing acts, and
(e) professional advisers of the foregoing in so far as they are acting in relation to a takeover transaction.
In the case of (a) and (b) above, the relevant date is the date on which an announcement is made of a proposed offer for the company or the date on which some other event occurs which has significance under rules made under this Section.
(4) Bodies corporate who are subject to rules made under this Section —
(a) are required to ensure that their directors and employees are provided with adequate guidance in respect of the application of rules made under this Section, and
(b) shall be held responsible for the acts or omissions of their directors or employees.
(5) In the event of uncertainty as to the application of rules made under this Section to any entity or person, clarification should be sought from the Panel.
(6) Rules made under this Section shall not apply to companies established for the sole purpose of collective investment or to any protected cell company or incorporated cell company or any cell of such a company.