Competition reform
A new merger regime, with decisions taken in most cases by independent competition authorities against a competition-based test rather than the current public interest test.
Replacement of the monopoly regime established by the Fair Trading Act 1973 (FTA 1973) with a new regime for investigating markets. Most decisions will be taken by independent competition authorities against a competition-based test rather than the current public interest test.
The introduction of criminal sanctions for individuals who engage in hard-core cartels.
The OFT will be given a new power to apply for the court to disqualify directors involved in breaches of competition law.
Persons harmed by a breach of competition law will be able to bring claims for damages before a specialist competition body (the Competition Appeal Tribunal (CAT)).
Amendment to the Competition Act 1998 (CA 1998) to provide third parties with a direct right of appeal to the CAT against decisions of the OFT or the sectoral regulators with concurrent powers.
Repeal of the arrangements for the exclusion of designated professional rules from the prohibitions under CA 1998.
