I had to laugh when I read this from AccountancyAge. So...they're going to rely on naming and shaming in the City. But get this:
"Vera Sabeva, head of the corporate finance faculty at the ICAEW, said the panel’s power to name rule breakers would be the most important tool in its attempts to ensure companies disclosed the required information. Sabeva said being singled out as a rule breaker by the panel would be incredibly damaging.
‘When you are working on deals in the City, your reputation as an adviser is everything,’ she said. ‘If the Takeover Panel announces that you are breaching rules, your bonus at the end of the year is not going to be as big as it would have been.’"
So no danger of being fired then? No danger of prosecution? Only a dented reputation. And just how are they going to do this? The City is a small club where everyone knows everyone. If one's 'at it' then you can be sure there are others. As John McEnroe might say: "You cannot be serious."