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11 ECFR 1 (2014)

handle is hein.journals/ecomflr11 and id is 1 raw text is: The Swedish Securities Council: A Takeover Panel, and More by ROLE SKOG AND ERIK SJ6MAN* The Swedish securities market has long been known for its prominent self-regulation. The Swedish Securities Council plays an important role in this regard and is perhaps best described to an international audience as the Swedish equivalent of the UK Panel on Takeovers and Mergers. However, importantly, the work of the Council covers securities market conduct generally and not only takeover bids. This article describes the Council's main functions and legislative basis. It also provides an outline of the Council's organization and decision-mak- ing process. Appeals and sanctions are also discussed and examples of Council rulings are provided. In order to place the description of the work of the Council into an international context, throughout the article references are made to the corresponding features of the UK Takeover Panel. Table of Contents ECFR 2014, 1-14 I. Introduction ........................................... 2 II. Main Functions and Legislative Basis ........................... 3 1. The overall mission to promote best practices ................... 3 2. Special tasks regarding takeover bids ......................... 5 III. Organization and Decision-Making Process ...................... 7 1. M em bership ........................................ 7 2. The Chairman and the Secretariat ........................... 7 3. Procedure and decision-making ............................ 8 IV. Council Rulings and Appeals Against Rulings ..................... 9 1. R ulings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2. Appeals against rulings of the Council ....................... 11 V. Sanctions ............................................ 12 1. Criticism and 'cold- shouldering' . ......................... 12 2. Sanctions imposed by Disciplinary Committees or the Financial Super- visory A uthority ..................................... 12 Rolf Skog is the Director General of the Swedish Securities Council and an Adjunct Professor at the University of Gothenburg. Erik Sjdman is a member of the Swedish Securities Council and a capital markets and public M&A partner in law firm Vinge. The authors should like to thank Annica Sandberg of the Swedish Financial Supervisory Authority for her contribution to an earlier version of this paper and Barbara Muston of the UK Takeover Panel for valuable comments.

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