In the late 1990’s the ACT was active in promoting the idea of a company being able to buy-in and hold its own shares as Treasury Shares. The ACT was therefore delighted that from 1 December 2003 changes to Company law made this possible in the UK (The Companies (Acquisition of Own Shares) (Treasury Shares) Regulations 2003). The draft Guidance that was developed by the ACT in conjunction with the ABI and NAPF early on has been largely superseded by changes to the Listing Rules and the Disclosure and Transparency Rules and is therefore included here for historical reference purposes but is no longer regarded as current.
ACT Policy and Technical – March 2009.