12(1)Section 73 (undertakings in lieu of references) is amended as follows.U.K.
(2)In the heading, for “22 or 33” substitute “22, 33, 68B or 68C”.
(3)After subsection (3) insert—
“(3A)Subsection (3B) applies if the CMA considers that it is under a duty to make a reference under section 68B or 68C; and for the purposes of this subsection it must—
(a)disregard the operation of section 22(3)(b) or 33(3)(b) (as applied by section 68B or 68C), but
(b)take account of its power under section 68B(2) or 68C(2) to decide not to make such a reference.
(3B)The CMA may, instead of making such a reference and for the purpose of remedying, mitigating or preventing the prejudice to the ability of the Gas and Electricity Markets Authority described in section 68B(1) or 68C(1), accept from such of the parties concerned as it considers appropriate undertakings to take such action as it considers appropriate.
(3C)In proceeding under subsection (3B), the CMA must, in particular, have regard to the need to achieve as comprehensive a solution as is reasonable and practicable to the prejudice.
(3D)Before proceeding under subsection (3B), the CMA must—
(a)ask the Gas and Electricity Markets Authority to give its opinion on the effect of the undertakings offered, and
(b)consider the Authority’s opinion.”
(4)In subsection (4), after “subsection (2)” insert “or (3B)”.
Commencement Information
I1Sch. 16 para. 12 in force at Royal Assent, see s. 334(2)(j)