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Amendment of section 22 of Principal Act
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18. Section 22 of the Principal Act is amended—
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(a) by the insertion of the following subsection after subsection (3):
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“(3A) Where, on completion of a full investigation in relation to a merger or acquisition—
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(a) that has been put into effect without the Commission having issued a determination under section 21(2)(a) or 22(3)(a) or (c), and
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(b) that is a merger or acquisition—
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(i) to which paragraph (a) or (b) of section 18(1) applies, or
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(ii) that has been notified to the Commission in accordance with section 18(3), 18(3A) or 18A(1),
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the Commission finds that the result of the merger or acquisition will be to substantially lessen competition in markets for goods or services in the State, the Commission may—
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(I) determine that the merger or acquisition should be unwound or dissolved, and the manner in which such unwinding or such dissolution shall occur, including through the dissolution of the merger or the disposal of all the shares or assets acquired, so as to restore the situation prevailing prior to the merger or acquisition being put into effect, or
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(II) where it is not possible to unwind or dissolve the merger or acquisition, determine that the undertakings involved in the merger or acquisition shall take such steps as are appropriate to achieve restoration as far as practicable of the situation prevailing before the merger or acquisition was put into effect.”,
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(b) in subsection (4A), by the substitution of “a requirement or requirements of an undertaking involved in the merger or acquisition concerned” for “a requirement or requirements of one or more of the undertakings concerned”, and
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(c) by the insertion of the following subsections after subsection (4A):
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“(4AA) For the purposes of subsection (4A), a requirement under section 20(2) shall be deemed to be complied with on and from the date on which the Commission was provided with a certification under section 20(2)(b)(ii) where—
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(a) the Commission confirms, by way of a notification under section 20(2)(c), that it is satisfied that the requirement to which the certification relates has been complied with, or
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(b) the Commission does not issue a notification under section 20(2)(c) within 10 working days of being provided with the certification.
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(4AB) Where the Commission confirms, by way of a notification under section 20(2)(c), that it is not satisfied that a requirement to which the certification relates has been complied with—
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(a) the requirement shall be deemed not to be complied with for the purposes of subsection (4A), and
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(b) the Commission may request additional information relating to that requirement from the person or undertaking of whom the requirement was made.
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(4AC) Where, having received additional information requested under subsection (4AB), the Commission considers that a requirement has been complied with, the requirement shall be deemed to be complied with for the purposes of subsection (4A) on and from the date on which the Commission so notifies the person or undertaking subject to the requirement.”.
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