This afternoon, honourable members of the House of Lords will consider an amendment to the Financial Services and Markets Bill. The peers will be asked to consider an amendment proposed by Lord Alexander, a former Takeover Panel chairman, which would provide an effective 'safe harbour' for behaviour which complies with the Panel.

Peers have already voted in favour of the Panel's proposed 'safe harbour' amendment in the Bill on 18 May, but on 5 June, this amendment was overturned by the Government in the House of Commons, and replaced by its own 'safe harbour' amendment.The market abuse regime overlaps with the Takeover Code. This is because the regulation of market abuse goes to the heart of takeover regulation.