After a spate of cases in which investors sneakily built up their stakes in a company and then announced bids to take it over, the U.K.'s takeover panel is planning to introduce new rules that will force investors with a stake of more than 29.9% to make a full takeover bid, regardless of whether a CFD, contract for differences – which has no voting rights – is part of that share. According to The Times of London, the tougher rules are aimed particularly at hedge funds and the like, which prey on smaller companies, by forcing greater disclosure, which would alert other investors of takeover possibilities. As part of the crackdown on hedge funds, the panel last fall amended Rule 8, which now requires hedge funds to declare if they have greater than a 1% stake in company through derivatives during a takeover.