Adaptations of the United Kingdom Takeover Panel in Hong Kong and Singapore: Convergence or Divergence?

Abstract

AbstractThis article examines the transplantation of the Takeover Panel model from the United Kingdom into the takeover regulatory systems in Hong Kong and Singapore. It focuses on the extent to which this has resulted in formal convergence between the Takeover Panel in the UK and those established in Hong Kong and Singapore. Formal convergence is assessed in terms of the institutional structures of these Panels and is based on their independence and roles, the powers of the Panels and their Executives, and review of their decisions. Applying these criteria, this article concludes that there are medium levels of formal convergence with the UK Panel in both the Hong Kong and Singapore Panels. This article also examines functional convergence, namely the extent to which the Hong Kong and Singapore Panels operate similarly to the UK Panel in practice. In relation to the procedural rules and processes implemented by the Panels, this article concludes that there is a medium form of functional convergence in the case of the Hong Kong Panel, and a weak form of this for the Singapore Panel. Finally, the study of functional convergence in decision-making also includes an examination of the extent to which the Hong Kong and Singapore Panels refer explicitly to the UK approach in their decisions.