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Competition Act 1998
This legislation came into force on 1st March 2000 and prohibits anti-competitive agreements and practices and the abuse of dominant market positions. The Office of Fair Trading ("OFT") has the power to impose financial penalties and prohibitions, and enjoys wide powers to investigate cartels, market position abuse breaches and monopoly investigations.
These can include the power to require the production and explanation of documents and to allow for the entering of premises without a warrant. In certain circumstances, a failure to comply with elements of an investigation or to obstruct or interfere with an investigation constitutes a criminal offence.
The OFT does operate a leniency programme, which applies to agreements between undertakings. This scheme provides that, where an undertaking is involved in agreements that concern price-fixing, bid-rigging, the setting of restrictions or quotas of output or market sharing, then an immunity from financial penalty or a reduction of that penalty might be extended if the undertaking comes forward and cooperates. Any undertaking concerned about its position is best advised to seek expert advice from a solicitor, and Tuckers will be able to assist.
