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- Point in Time (22/11/2000)
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Version Superseded: 01/12/2001
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(1)The Chapter I prohibition does not apply to an agreement for the constitution of—
(a)a recognised self-regulating organisation,
(b)a recognised investment exchange, or
(c)a recognised clearing house,
to the extent to which the agreement relates to the regulating provisions of the body concerned.
(2)Subject to subsection (3) below, the Chapter I prohibition does not apply to an agreement for the constitution of—
(a)a self-regulating organisation,
(b)an investment exchange, or
(c)a clearing house,
to the extent to which the agreement relates to the regulating provisions of the body concerned.
(3)The exclusion provided by subsection (2) above applies only if—
(a)the body has applied for a recognition order in accordance with the provisions of this Act; and
(b)the application has not been determined.
(4)The Chapter I prohibition does not apply to a decision made by—
(a)a recognised self-regulating organisation,
(b)a recognised investment exchange, or
(c)a recognised clearing house,
to the extent to which the decision relates to any of that body’s regulating provisions or specified practices.
(5)The Chapter I prohibition does not apply to the specified practices of—
(a)a recognised self-regulating organisation, a recognised investment exchange or a recognised clearing house; or
(b)a person who is subject to—
(i)the rules of one of those bodies, or
(ii)the statements of principle, rules, regulations or codes of practice made by a designated agency in the exercise of functions transferred to it by a delegation order.
(6)The Chapter I prohibition does not apply to any agreement the parties to which consist of or include—
(a)a recognised self-regulating organisation, a recognised investment exchange or a recognised clearing house; or
(b)a person who is subject to—
(i)the rules of one of those bodies, or
(ii)the statements of principle, rules, regulations or codes of practice made by a designated agency in the exercise of functions transferred to it by a delegation order,
to the extent to which the agreement consists of provisions the inclusion of which is required or contemplated by any of the body’s regulating provisions or specified practices or by the statements of principle, rules, regulations or codes of practice of the agency.
(7)The Chapter I prohibition does not apply to—
(a)any clearing arrangements; or
(b)any agreement between a recognised investment exchange and a recognised clearing house, to the extent to which the agreement consists of provisions the inclusion of which in the agreement is required or contemplated by any clearing arrangements.
(8)If the recognition order in respect of a body of the kind mentioned in subsection (1)(a), (b) or (c) above is revoked, subsections (1) and (4) to (7) above are to have effect as if that body had continued to be recognised until the end of the period of six months beginning with the day on which the revocation took effect.
(9)In this section—
“the Chapter I prohibition” means the prohibition imposed by section 2(1) of the Competition Act 1998;
“regulating provisions” means—
in relation to a self-regulating organisation, any rules made, or guidance issued, by the organisation;
in relation to an investment exchange, any rules made, or guidance issued, by the exchange;
in relation to a clearing house, any rules made, or guidance issued, by the clearing house;
“specified practices” means—
in the case of a recognised self-regulating organisation, the practices mentioned in section 119(2)(a)(ii) and (iii) above (read with section 119(5) and (6)(a));
in the case of a recognised investment exchange, the practices mentioned in section 119(2)(b)(ii) and (iii) above (read with section 119(5) and (6)(b));
in the case of a recognised clearing house, the practices mentioned in section 119(2)(c)(ii) and (iii) above (read with section 119(5) and (6)(b));
in the case of a person who is subject to the statements of principle, rules, regulations or codes of practice issued or made by a designated agency in the exercise of functions transferred to it by a delegation order, the practices mentioned in section 121(2)(c) above (read with section 121(4));
and expressions used in this section which are also used in Part I of the Competition Act 1998 are to be interpreted in the same way as for the purposes of that Part of that Act.]
Textual Amendments
F1S. 125 substituted (1.3.2000) by 1998 c. 41, s. 3(1)(b)(2), Sch. 2, para. 1(2) (with s. 73); S.I. 2000/344, art. 2, Sch.
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