Financial Services and Markets Act 2000

159 Interpretation. U.K.

(1) In this Chapter—

• [F1 “OFT” means the Office of Fair Trading;]

• “practices”, in relation to the Authority, means practices adopted by the Authority in the exercise of functions under this Act;

• “regulating provisions” means any—

  (a)

  rules;

  (b)

  general guidance (as defined by section 158(5)) [F2 or guidance under section 158A];

  (c)

  statement issued by the Authority under section 64;

  (d)

  code issued by the Authority under section 64 or 119.

(2) For the purposes of this Chapter, regulating provisions or practices have a significantly adverse effect on competition if—

(a) they have, or are intended or likely to have, that effect; or

(b) the effect that they have, or are intended or likely to have, is to require or encourage behaviour which has, or is intended or likely to have, a significantly adverse effect on competition.

(3) If regulating provisions or practices have, or are intended or likely to have, the effect of requiring or encouraging exploitation of the strength of a market position they are to be taken, for the purposes of this Chapter, to have an adverse effect on competition.

(4) In determining under this Chapter whether any of the regulating provisions have, or are likely to have, a particular effect, it may be assumed that the persons to whom the provisions concerned are addressed will act in accordance with them.

Textual Amendments

F1 S. 159(1): definition of "OFT" substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278(1), 279, Sch. 25 para. 40(2); S.I. 2003/766, art. 2, Sch. (with art. 3)

F2 S. 159(1): words in para. (b) of definition inserted (6.12.2006) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (S.I. 2006/2975), reg. 7

Modifications etc. (not altering text)

C1 S. 159(1) restricted (17.8.2001) by S.I. 2001/2617, arts. 2(a), 4(3), 8, Sch. 2 paras. 7, 9, 11(c), 13, 14, 15, 17