This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Order)
Where a relevant merger situation has been created or arrangements are in progress which, if carried into effect, will result in the creation of a relevant merger situation, as defined in section 23 of the Enterprise Act 2002 (the “Act”), the Secretary of State has the power to give a notice to the Office of Fair Trading if he believes that it is or may be the case that one or more than one public interest consideration is relevant to a consideration of the relevant merger situation. Section 59 provides the Secretary of State with a similar power to issue an intervention notice in a special merger situation, as defined in section 59(3) of the Act.
A public interest consideration is defined as one which, at the time of the giving of the intervention notice, is specified in section 58 of the Act or is not so specified but, in the opinion of the Secretary of State ought to be so specified. The Secretary of State has the power, under section 58(3), to modify section 58 for the purpose of specifying a new consideration.
This Order also inserts a new paragraph 20B into Schedule 8 to the Act. Paragraph 20B gives the Secretary of State the power to use orders to specify the new public interest consideration of the interest of maintaining the stability of the UK financial system. The new public interest consideration will be available in the case of a relevant merger but not in the case of a concentration with a Community dimension. The Secretary of State will have the power, under paragraph 20B of Schedule 8 to the Act, to use orders made under paragraph 5, 10 or 11 of Schedule 7 to the Act to make such provision as he considers to be appropriate in the interest of maintaining the stability of the UK financial system. Paragraph 5 enables the Secretary of State to make an order where undertakings, which have been accepted by him, are not being fulfilled and paragraphs 10 and 11 enable the Secretary of State to make final orders.
A full impact assessment of the effect this Order will have on the costs and benefits for business has been prepared by the Department for Business, Enterprise and Regulatory Reform and is available from the Consumer and Competition Policy Directorate, 1 Victoria Street, London SW1H 0ET and can also be found at http://www.berr.gov.uk/ccp/topics2/pdf2/pomccria.pdf.
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