FOURTH SCHEDULE
Sections 55 and 92
Exclusions from section 54 prohibition
1.  The section 54 prohibition does not apply to any merger —
(a)approved by any Minister or regulatory authority (other than the Commission) pursuant to any requirement for such approval imposed by any written law;
(b)approved by the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970 pursuant to any requirement for such approval imposed under any written law; or
(c)under the jurisdiction of any regulatory authority (other than the Commission) under any written law relating to competition, or code of practice relating to competition issued under any written law.
2.  The section 54 prohibition does not apply to any merger involving any undertaking relating to any specified activity as defined in paragraph 6(2) of the Third Schedule.
3.  The section 54 prohibition does not apply to any merger if the economic efficiencies arising or that may arise from the merger outweigh the adverse effects due to the substantial lessening of competition in the relevant market in Singapore.
[23/2007]