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Enterprise Act Offences
The Enterprise Act 2000 came into force on 20th June 2003 and relates to cartel-type agreements between individuals. A conviction for a cartel offence is punishable by a maximum sentence of 5 years' imprisonment, but there is a "leniency" programme and the OFT can issue a "No Action" letter against a person who reveals the existence of a cartel.
The Act has also contemplates the disqualification of directors of companies where there have been breaches of competition law. The Enterprise Act provides the OFT with a number of investigative powers concerning the requirement to provide information or a document and to also allow for the entering of premises under warrant.
A person made the subject of a requirement to provide information or an explanation or document should seek advice concerning this as the Act provides that a failure to comply is a criminal offence as are a number of acts which might obstruct or mislead an investigation. The Act also provides for the referral of a completed or anticipated merger to the Competition Commission and there are again criminal offences created for providing false or misleading information in an investigation into a merger referral or intentionally altering, suppressing or destroying documents where there has been a requirement to produce them.
