Term-sheet anonymisation is the removal of personal data from a deal outline. Where a listed party is involved, the draft is usually inside information, and UK MAR Art. 17(4) lets an issuer delay disclosure only while it keeps that information confidential. anonym.plus makes the copy anonymous on your device, so benchmarking a precedent does not put a name into circulation.
When this applies
A term sheet sets out price, structure, and the named parties. For a Code deal, naming a potential offeror starts the Rule 2.6 clock, which gives it 28 days to announce a firm intention under Rule 2.7 or walk away. To reuse the draft as a precedent, make it anonymous first.
How anonym.plus handles it
- Open the draft in anonym.plus on your device.
- It finds party names, contacts, and account data.
- Price and structure terms stay in place.
- Swap names for labels with the re-link map off.
- Save the clean draft on your device.
What you need to provide
- The draft (DOCX, PDF, or pasted text).
- Replace with the map off for full anonymity.
- Optional role map for party labels.
PII entity types detected
| Category | anonym.plus entity type | Example |
|---|---|---|
| Names | PERSON | investor lead → [INVESTOR] |
| Org | ORGANIZATION | fund LP → [FUND] |
| Contact | EMAIL_ADDRESS | deal email → [EMAIL] |
| Finance | IBAN_CODE | wire account → [ACCOUNT] |
| Dates | DATE_TIME | expiry 15 Jul → [DATE] |
| Location | LOCATION | fund office → [ADDRESS] |
Compliance achieved
- Supports the confidentiality a delay under UK MAR Art. 17(4) depends on.
- Keeps a potential offeror unnamed, which is what starts the Rule 2.6 28-day clock.
- True anonymity puts the reused draft beyond UK GDPR by UK GDPR Recital 26.
- On-device work keeps deal data inside the firm.
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Limitations & cautions
Anonymising a file is not a disclosure strategy. UK MAR Art. 17(4) still needs the issuer to control leaks and to disclose once it cannot, and the Takeover Code clock turns on public identification, not on your document. A niche structure can also hint at one investor in a small market.
Frequently asked questions
When is a term sheet truly anonymous?
When no one can reasonably re-identify a party. That means no kept key and low residual risk. Only then does Recital 26 take it out of scope.
Does redacting the draft help with a leak?
Only at the margin. Under UK MAR Art. 17(4) an issuer may delay disclosure while the information stays confidential; once it leaks, disclosure follows. Fewer copies with names in them is one control among several.
Can I paste the text straight in?
Yes. Paste the draft or load a file. Both run locally on your device.