Part I Competition

Chapter I Agreements

Notification

15 Effect of guidance.

F1(1)

This section applies to an agreement if the F2OFT has determined an application under section 13 by giving guidance that—

(a)

the agreement is unlikely to infringe the Chapter I prohibition, regardless of whether or not it is exempt;

(b)

the agreement is likely to be exempt under—

(i)

a block exemption;

(ii)

a parallel exemption; or

(iii)

a section 11 exemption; or

(c)

F2it would be likely to grant the agreement an individual exemption if asked to do so.

(2)

The F2OFT is to take no further action under this Part with respect to an agreement to which this section applies, unless—

(a)

F2it has reasonable grounds for believing that there has been a material change of circumstance since F2it gave F2its guidance;

(b)

F2it has a reasonable suspicion that the information on which F2it based F2its guidance was incomplete, false or misleading in a material particular;

(c)

one of the parties to the agreement applies to F2it for a decision under section 14 with respect to the agreement; or

(d)

a complaint about the agreement has been made to F2it by a person who is not a party to the agreement.

(3)

No penalty may be imposed under this Part in respect of any infringement of the Chapter I prohibition by an agreement to which this section applies.

(4)

But the F2OFT may remove the immunity given by subsection (3) if—

(a)

F2it takes action under this Part with respect to the agreement in one of the circumstances mentioned in subsection (2);

(b)

F2it considers it likely that the agreement will infringe the prohibition; and

(c)

F2it gives notice in writing to the party on whose application the guidance was given that F2it is removing the immunity as from the date specified in F2its notice.

(5)

If the F2OFT has a reasonable suspicion that information—

(a)

on which F2it based F2its guidance, and

(b)

which was provided to F2it by a party to the agreement,

was incomplete, false or misleading in a material particular, the date specified in a notice under subsection (4)(c) may be earlier than the date on which the notice is given.