Part 4Market Studies and Market Investigations
Chapter 1 Market Studies and market investigation references
Making of references
F1131BMarket studies and the making of decisions to refer: time-limits F2etc
F3(1)
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F3(2)
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F3(3)
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(4)
Where the CMA has published a market study notice it shall, within the period of 12 months beginning with the date on which it publishes the notice, prepare and publish a report (referred to in this Part as a “market study report”) which sets out—
(a)
the findings of the CMA in relation to the matter specified in the notice; and
(b)
the action (if any) which the CMA proposes to take F4, or has taken, in relation to the matter.
(5)
In a case to which section 131A applies, the market study report shall, in particular, contain—
(a)
the decision of the CMA to make a reference under section 131 in relation to the matter specified in the market study notice, the decision to accept an undertaking under F5section 154A instead of, or in addition to, making such a reference or (as the case may be) the decision otherwise not to make such a reference;
(b)
the CMA's reasons for the decision; and
(c)
such information as the CMA considers appropriate for facilitating a proper understanding of its reasons for the decision.
(6)
Where a market study report contains a decision of the CMA to make a reference under section 131 in relation to a matter, the CMA shall, at the same time as it publishes the report, make the reference.
(7)
F6Subsections (4) to (6) are subject to section 140A (duty of Secretary of State to refer in public interest intervention cases).
F7(8)
Where the CMA—
(a)
has published a market study notice, and
(b)
has decided not to make a reference under section 131 in relation to the matter specified in the notice,
the CMA may subsequently make a reference under section 131 in relation to the matter (without first publishing a market study notice in relation to the matter) only where subsection (9) applies.
(9)
This subsection applies where—
(a)
the reference under section 131 is made two years or more after the publication of the market study report in relation to the market study notice, or
(b)
there has been a material change in circumstances since the preparation of the report.