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Application of merger provisions

Specific provisions¹ have been introduced to deal with the transfer of derivative contracts on a certain cross-border mergers. These provisions apply where a merger is effected by:

1. Ìý

   (a)ÌýÌýÌýÌý prior to IP completion day, an SE being formed by the merger of two or more companies in accordance with the relevant EC provisions dealing with SEs

2. Ìý

   (b)ÌýÌýÌýÌý prior to IP completion day, an SCE being formed by the merger of two or more cooperative societies, at least one of which is a society registered under The Co-operative and Community Benefit Societies Act 2014², in accordance with the relevant EC provisions dealing with SCEs

3. Ìý

   (c)ÌýÌýÌýÌý the transfer of one or more companies of all the assets and liabilities to a single existing company; or

4. Ìý

   (d)ÌýÌýÌýÌý the transfer of two more companies of all their assets and liabilities to a single new company (other than an SCE or an SCE) in exchange for the issue by the transferee, to each person holding shares in or debentures