MP079 'Provisions for withdrawing modifications'

The provisions in SEC Section D ‘Modifications Process’ are built around the key principle that any SEC Party can raise a proposal to change the SEC, and that each proposal should undergo due process for a solution to be developed and for this to be determined upon. As such, SECAS and the Panel must allow any proposal into the process and ensure it receives a fair assessment.

The SEC does contain provisions for the Proposer to withdraw their proposal prior to final decision, if they no longer wish to progress it (for example it is identified that the issue can be resolved without a change to the SEC, or if it is clear the proposal is not likely to succeed). However, this power is limited to the Proposer; SECAS, the Panel nor their Sub-Committees cannot close a modification prior to decision.

The full Draft Proposal can be found here

Does this issue affect your company? Send us your comments to SEC.change@talan.com

We have yet to receive any comments on this proposal. Any comments we do receive will be published on this page.

This modification proposes to grant the SEC Panel the ability to “withdraw” a Modification Proposal, for instance when it is not progressing.