§ 12.32 p.m.
§ Lord Strathclyde rose to move, That the draft regulations laid before the House on 14th June be approved [21st Report from the Joint Committee].
§ The noble Lord said: My Lords, the purpose of these regulations is to provide faster decisions by the competition authorities on particular types of mergers, known as prenotified mergers, within a set statutory deadline. The existing maximum period under Section 75B of the Fair Trading Act 1973 for deciding whether or not to refer such a merger to the MMC is 45 working days. This consists of an initial period of 20 days; followed by two possible extensions, the first of 10 days. and the second of 15 days.
§ The regulations would cut 10 days off the maximum statutory deadline by providing for only one possible extension of 15 days. So the new maximum period would be 35 days.
§ The regulations also make a consequential amendment to Regulation 3 of the Merger (Prenotification) Regulations 1990. I commend the regulations to the House.
§ Moved, That the draft regulations laid before the House on 14th June be approved [21st Report from the Joint Committee]. —(Lord Strathclyde.)
§ On Question, Motion agreed to.