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| Further reports by Director General of Fair Trading. |
276. - (1) The Authority must send to the Treasury and to the Director copies of any notice received by it under section 264(5) together with such information as the Authority considers will assist the Director in carrying out his functions under subsections (2) to (4) of this section.
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(2) The Director must keep under review-
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(a) the regulatory provisions of recognised bodies; |
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(b) the matters specified in any notices of which copies are sent to him under this section; and |
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(c) any matters which are contained in an annual report provided by an overseas investment exchange or an overseas clearing house under section 266. |
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(3) If at any time the Director considers that-
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(a) any regulatory provisions or any such matters as are mentioned in subsection (2)(b) (taken alone or together), or |
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(b) any such matters as are mentioned in subsection (2)(c), |
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have a significant anti-competitive effect, he must report that to the Treasury.
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(4) If at any time the Director considers that-
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(a) a recognised body's regulatory provisions, or |
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(b) any such matters as are mentioned in subsection (2)(b) or (c), |
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amount to an abuse of a dominant position, he must report that to the Treasury.
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(5) The Director may report to the Treasury that a matter of the kind mentioned in subsection (2)(b) does not in his opinion have a significant anti-competitive effect or amount to an abuse of a dominant position.
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(6) The Director may at any time consider whether any practices of a recognised body or trading practices of a person subject to the rules of such a body-
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(a) have a significant anti-competitive effect and, if so, what the effect is or is likely to be; |
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(b) amount to an abuse of a dominant position. |
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(7) If the Director considers that any such practices-
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(a) have such an effect, or |
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(b) amount to an abuse of a dominant position, |
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he must make a report to the Treasury.
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| Reports: supplementary. |
277. - (1) A report under subsection (3) or (7)(a) of section 276 must give details of the anti-competitive effect or likely anti-competitive effect.
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(2) A report under subsection (4) or (7)(b) of that section must state the reasons for the Director's conclusion that any of the matters mentioned in subsection (4) or (6) of that section amount to an abuse of a dominant position.
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(3) If the Director thinks fit, he may publish any report made by him under section 276(5).
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(4) The Treasury must publish any report made to them by the Director under section 276(3), (4) or (7).
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(5) A report which is published under subsection (3) or (4) must, so far as is practicable, exclude any matter which relates to the affairs of a particular person (other than the investment exchange or clearing house concerned) the publication of which, in the opinion of the Director or the Treasury, would or might seriously and prejudicially affect the interests of that person.
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| Investigations by Director General of Fair Trading. |
278. - (1) For the purpose of investigating any matter with a view to its consideration under section 275 or 276, the Director may exercise the powers conferred on him by this section.
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(2) The Director may by notice in writing require any person to produce to him or to a person appointed by him for the purpose, at a time and place specified in the notice, any document which-
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(a) is specified or described in the notice; |
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(b) is a document in that person's custody or under his control; and |
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(c) relates to any matter relevant to the investigation. |
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(3) The Director may by notice in writing-
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(a) require any person carrying on any business to provide him with such information as may be specified or described in the notice; and |
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(b) specify the time within which, and the manner and form in which, any such information is to be provided. |
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(4) No person may be required under this section to produce or disclose a privileged communication.
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(5) If a person ("the defaulter") refuses, or otherwise fails, to comply with a notice under this section, the Director may certify that fact in writing to the court and the court may enquire into the case.
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(6) If, after hearing any witness who may be produced against or on behalf of the defaulter and any statement which may be offered in defence, the court is satisfied that the defaulter did not have a reasonable excuse for refusing or otherwise failing to comply with the notice, the court may punish the defaulter as if he had been in contempt of court.
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(7) In this section, "the court" means-
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(b) in relation to Scotland, the Court of Session. |
| Procedure on exercise of certain powers by Treasury. |
279. The Treasury may not refuse their approval under section 273 or give a remedial direction unless they-
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(a) have taken such steps as they consider appropriate to allow the exchange or clearing house concerned, and any other person appearing to the Treasury to be affected, an opportunity to make representations- |
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(i) about any report made by the Director under section 275 or 276;
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(ii) as to whether, and if so how, the Treasury should exercise their powers under section 273 or 274; and
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(b) have had regard to any such representations. |
