Applications to vary, substitute or release commitments
3.—(1) A party who provided a commitment may apply to the Commission to vary, substitute or release the commitment.
(2) The applicant shall —
(a)
within 2 working days of the application under paragraph (1), give notice that the application has been made —
(i)
to all other parties to the anticipated merger in respect of which the commitment was given and of whom he knows; or
(ii)
to all other parties involved in the merger in respect of which the commitment was given and of whom he knows,
as the case may be; and
(b)
provide a copy of such notice to the Commission within 2 working days from the date of the notification.
(3) An application under paragraph (1) shall be made to the Commission in such manner as the Commission may specify on the Commission’s Internet website in an online location accessible to the public from time to time.
(4) The Commission may, at any time after the application under paragraph (1) is made, require the applicant to submit such other information (including any document) as the Commission thinks fit.
(5) Where, before the Commission makes a decision on an application under paragraph (1), there is any material change to any information submitted to the Commission (whether as contained in the application, under paragraph (4) or otherwise), the applicant shall give notice of that change to the Commission without delay.
(6) Without prejudice to the generality of the Commission’s power to refuse an application under paragraph (1), the Commission may refuse the application if —
(a)
the applicant does not comply with paragraph (2);
(b)
the application is not made in accordance with paragraph (3);
(c)
the Commission has reasonable grounds for suspecting that any information submitted to the Commission (whether as contained in the application, under paragraph (4) or otherwise) is incomplete, false or misleading in a material particular;
(d)
the Commission’s request for any information under paragraph (4) is not complied with; or
(e)
the Commission has reasonable grounds for believing that there has been a material change in any information submitted to the Commission (whether as contained in the application, under paragraph (4) or otherwise), and such change has not been notified to the Commission under paragraph (5).
Consultation and decisions in respect of commitments
4.—(1) Where the Commission proposes to consult any person prior to accepting, varying, substituting or releasing a commitment, it shall —
(a)
give notice to that person; and
(b)
state in that notice the action the Commission proposes to take, its reasons for proposing such action and the period within which that person may make written representations to the Commission on these matters.
(2) Where, at the end of the period referred to in paragraph (1)(b), no written representations on the matters referred to in the notice have been made by the person to whom the notice was given, the Commission may proceed with its decision in respect of the commitment.
(3) Where, pursuant to an application under regulation 3, the Commission has made a decision not to vary, substitute or release a commitment, it —
(a)
shall give notice of the decision to —
(i)
the applicant; and
(ii)
the parties to the anticipated merger or parties involved in the merger, as the case may be, whom the applicant notified under regulation 3(2)(a),
stating the facts on which it bases the decision and its reasons for the decision; and
(b)
may publish the decision.
(4) Where the Commission has made a decision to vary, substitute or release a commitment, it shall —
(a)
give notice of the decision to —
(i)
the applicant; and
(ii)
the parties to the anticipated merger or the parties involved in the merger, as the case may be, whom the applicant notified under regulation 3(2)(a); and
(b)
publish —
(i)
the decision; and
(ii)
in the case of a decision to vary or substitute a commitment, the varied or substituted commitment.