(1) The Financial Services and Markets Act 2000 (c 8) is amended as follows.
(2) Section 143 (power to make rules endorsing the City Code on Takeovers and Mergers etc) is repealed.
(3) . . .
(4) In section 349 (exceptions from restrictions on disclosure of confidential information), after subsection (3) insert—
“(3A) Section 348 does not apply to—
(a) the disclosure by a recipient to which subsection (3B) applies of confidential information disclosed to it by the Authority in reliance on subsection (1);
(b) the disclosure of such information by a person obtaining it directly or indirectly from a recipient to which subsection (3B) applies.
(3B) This subsection applies to—
(a) the Panel on Takeovers and Mergers;
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