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Part XVIII U.K. Recognised Investment Exchanges and Clearing Houses

Chapter II U.K. Competition Scrutiny

Role of [F1 Office of Fair Trading] U.K.

Textual Amendments

F1 S. 303: cross-heading substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(10)(f); S.I. 2003/766, art. 2, Sch. (with art. 3)

304 Further reports by [F2 OFT]. U.K.

(1) The [F2 OFT] must keep under review the regulatory provisions and practices of recognised bodies.

(2) If at any time the [F2 OFT] considers that—

(a) a regulatory provision or practice has a significantly adverse effect on competition, or

(b) regulatory provisions or practices, or a combination of regulating provisions and practices have such an effect,

[F3 the OFT] must make a report.

(3) If at any time the [F2 OFT] considers that—

(a) a regulatory provision or practice does not have a significantly adverse effect on competition, or

(b) regulatory provisions or practices, or a combination of regulatory provisions and practices do not have any such effect,

[F3 the OFT] may make a report to that effect.

(4) A report under subsection (2) must contain details of the adverse effect on competition.

(5) If the [F2 OFT] makes a report under subsection (2), [F3 the OFT] must—

(a) send a copy of it to the Treasury, to the Competition Commission and to the Authority; and

(b) publish it in the way appearing to [F4 the OFT] to be best calculated to bring it to the attention of the public.

(6) If the [F2 OFT] makes a report under subsection (3)—

(a) [F3 the OFT] must send a copy of it to the Treasury, to the Competition Commission and to the Authority; and

(b) [F3 the OFT] may publish it.

(7) Before publishing a report under this section, the [F2 OFT] must, so far as practicable, exclude any matter which relates to the private affairs of a particular individual the publication of which, in the opinion of the [F2 OFT], would or might seriously and prejudicially affect his interests.

(8) Before publishing such a report, the [F2 OFT] must exclude any matter which relates to the affairs of a particular body the publication of which, in the opinion of the [F2 OFT], would or might seriously and prejudicially affect its interests.

(9) Subsections (7) and (8) do not apply to the copy of a report which the [F2 OFT] is required to send to the Treasury, the Competition Commission and the Authority under subsection (5)(a) or (6)(a).

(10) For the purposes of the law of defamation, absolute privilege attaches to any report of the [F2 OFT] under this section.

Textual Amendments

F2 Words in s. 304 substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(11)(a); S.I. 2003/766, art. 2, Sch. (with art. 3)

F3 Words in s. 304 substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(11)(a); S.I. 2003/766, art. 2, Sch. (with art. 3)

F4 Words in s. 304(5)(b) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(11)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)