The Securities Regulation Panel ("the Panel") is a regulatory body, established in accordance with Chapter XVA of the Companies Act No. 61 of 1973 ("the Act").

Its function is to regulate as it may deem necessary or appropriate, all affected transactions (as defined in Section 440A of the Act) and schemes, including all proposals which on successful completion will result in affected transactions relating to any public company, or a private company with a value in excess of R5 million.

The Panel was established in 1989 and became operative in February 1991. It came into being as a response to mounting concern about unfair practices. Its purpose is to ensure good business standards and fairness to shareholders thus contributing to the maintenance of fair and orderly markets.

In terms of the Act, the Panel formulated the Securities and Regulation Code on Takeovers and Mergers ("the Code") which embodies the general principles and rules governing the matters falling within its jurisdiction. The Code has the force of law.

It is not a function of the Panel to judge the commercial advantages or disadvantages of affected transactions.