Part I Competition

Chapter I Agreements

Exemptions

5 Cancellation etc. of individual exemptions.

F1(1)

If the F2OFT has reasonable grounds for believing that there has been a material change of circumstance since F2it granted an individual exemption, F2it may by notice in writing—

(a)

cancel the exemption;

(b)

vary or remove any condition or obligation; or

(c)

impose one or more additional conditions or obligations.

(2)

If the F2OFT has a reasonable suspicion that the information on which F2it based F2its decision to grant an individual exemption was incomplete, false or misleading in a material particular, F2it may by notice in writing take any of the steps mentioned in subsection (1).

(3)

Breach of a condition has the effect of cancelling the exemption.

(4)

Failure to comply with an obligation allows the F2OFT, by notice in writing, to take any of the steps mentioned in subsection (1).

(5)

Any step taken by the F2OFT under subsection (1), (2) or (4) has effect from such time as may be specified in the notice.

(6)

If an exemption is cancelled under subsection (2) or (4), the date specified in the notice cancelling it may be earlier than the date on which the notice is given.

(7)

The F2OFT may act under subsection (1), (2) or (4) on F2its own initiative or on a complaint made by any person.