71 Initial undertakings: completed mergersF1U.K.
(1)Subsection (2) applies where the OFT is considering whether to make a reference under section 22.
(2)The OFT may, for the purpose of preventing pre-emptive action, accept from such of the parties concerned as it considers appropriate undertakings to take such action as it considers appropriate.
(3)No undertaking shall be accepted under subsection (2) unless the OFT has reasonable grounds for suspecting that it is or may be the case that a relevant merger situation has been created.
(4)An undertaking under this section—
(a)shall come into force when accepted;
(b)may be varied or superseded by another undertaking; and
(c)may be released by the OFT.
(5)An undertaking which—
(a)is in force under this section in relation to a possible reference or reference under section 22; and
(b)has not been adopted under section 80 or paragraph 1 of Schedule 7;
shall cease to be in force if an order under section 72 or 81 comes into force in relation to that reference or an order under paragraph 2 of that Schedule comes into force in relation to the matter.
(6)An undertaking under this section shall, if it has not previously ceased to be in force and if it has not been adopted under section 80 or paragraph 1 of Schedule 7, cease to be in force—
(a)where the OFT has decided to make the reference concerned under section 22, at the end of the period of 7 days beginning with the making of the reference;
(b)where the OFT has decided to accept an undertaking under section 73 instead of making that reference, on the acceptance of that undertaking;
(c)where an intervention notice is in force, at the end of the period of 7 days beginning with the giving of that notice; and
(d)where the OFT has otherwise decided not to make the reference concerned under section 22, on the making of that decision.
(7)The OFT shall, as soon as reasonably practicable, consider any representations received by it in relation to varying or releasing an undertaking under this section.
(8)In this section and section 72 “pre-emptive action” means action which might prejudice the reference concerned or impede the taking of any action under this Part which may be justified by the Commission’s decisions on the reference.
Textual Amendments applied to the whole legislation
F1Act: for the words "solicitor of the Supreme Court of Northern Ireland" wherever they occur there is substituted (prosp.) the words "solicitor of the Court of Judicature of Northern Ireland" by virtue of Constitutional Reform Act 2005 (c. 4), ss. 59, 148(1), Sch. 11 para. 5 [Editorial Note: this amendment will be carried through into the text of the Act at the same time as any other effects on the Act for the year in which the relevant commencement order (or first such order) is made]