of this may be that proposals that are not genuine can be aired without the severity of consequence had those proposals been stated to be in relation to takeovers. Association -- while not giving much away, Treasury's release indicates that the accurate disclosure of associations is a critical element of a properly informed market. This is perhaps recognising the difficulty that can be had with respect to proving association. We may see a debate around rebuttable presumptions of association in certain circumstances (eg common directors) as is the case in some other jurisdictions. The debate may also look at the different approaches the Takeovers Panel has taken in relation to association in different matters. Impact of new media -- related to the issue of clarity of takeover proposals, this concern identifies the rise of new forms of communication and their potential impact on rumours and other matters that can affect a well informed and efficient market. We understand that Treasury will facilitate consultation in relation to these important matters. Such consultation is to be welcomed. It may also be appropriate for the matter to be referred to the government's Corporations and Markets Advisory Committee ( CAMAC ). CAMAC has previously undertaken excellent work in the area of schemes of arrangement and there would be every expectation that a CAMAC report on these matters would be a sound platform from which to move forward with any reform proposals. Legal notice The contents of this publication, current at the date of publication