Part XVIII Recognised Investment Exchanges and Clearing Houses

Chapter II Competition Scrutiny

Role of Office of Fair Trading

304 Further reports by F1OFT.

(1)

The F1OFT must keep under review the regulatory provisions and practices of recognised bodies.

(2)

If at any time the F1OFT considers that—

(a)

a regulatory provision or practice has a significantly adverse effect on competition, or

(b)

regulatory provisions or practices, or a combination of regulating provisions and practices have such an effect,

F2the OFT must make a report.

(3)

If at any time the F1OFT considers that—

(a)

a regulatory provision or practice does not have a significantly adverse effect on competition, or

(b)

regulatory provisions or practices, or a combination of regulatory provisions and practices do not have any such effect,

F2the OFT may make a report to that effect.

(4)

A report under subsection (2) must contain details of the adverse effect on competition.

(5)

If the F1OFT makes a report under subsection (2), F2the OFT must—

(a)

send a copy of it to the Treasury, to the Competition Commission and to the Authority; and

(b)

publish it in the way appearing to F3the OFT to be best calculated to bring it to the attention of the public.

(6)

If the F1OFT makes a report under subsection (3)—

(a)

F2the OFT must send a copy of it to the Treasury, to the Competition Commission and to the Authority; and

(b)

F2the OFT may publish it.

(7)

Before publishing a report under this section, the F1OFT must, so far as practicable, exclude any matter which relates to the private affairs of a particular individual the publication of which, in the opinion of the F1OFT, would or might seriously and prejudicially affect his interests.

(8)

Before publishing such a report, the F1OFT must exclude any matter which relates to the affairs of a particular body the publication of which, in the opinion of the F1OFT, would or might seriously and prejudicially affect its interests.

(9)

Subsections (7) and (8) do not apply to the copy of a report which the F1OFT is required to send to the Treasury, the Competition Commission and the Authority under subsection (5)(a) or (6)(a).

(10)

For the purposes of the law of defamation, absolute privilege attaches to any report of the F1OFT under this section.