Cash confirmations – duration of certain funds period

This document has been drafted by a Joint Working Party of the Company Law Committees of the City of London Law Society (CLLS) and the Law Society of England and Wales (the Law Society) (the Joint Working Party). The Joint Working Party is made up of senior and specialist corporate lawyers from both the CLLS and the Law Society who have a particular focus on issues relating to takeovers.

This document represents the Joint Working Party’s explanation of the ways in which, in its view, the requirements of the City Code on Takeovers and Mergers (Code) may be satisfied as from the date the changes to the Code specified in RS 2020/1 come into effect (5 July 2021), taking into account the guidance in RS 2020/1, but it is not prescriptive.