Financial Services and Markets Bill - continued        House of Lords
PART XVIII, RECOGNISED INVESTMENT EXCHANGES AND CLEARING HOUSES - continued
Other matters - continued

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Reports: supplementary.     300. - (1) A report under subsection (3) or (7)(a) of section 299 must give details of the anti-competitive effect or likely anti-competitive effect.
 
      (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.
 
      (3) If the Director thinks fit, he may publish any report made by him under section 299(5).
 
      (4) The Treasury must publish any report made to them by the Director under section 299(3), (4) or (7).
 
      (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.
 
Investigations by Director General of Fair Trading.     301. - (1) For the purpose of investigating any matter with a view to its consideration under section 298 or 299, the Director may exercise the powers conferred on him by this section.
 
      (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-
 
 
    (a) is specified or described in the notice;
 
    (b) is a document in that person's custody or under his control; and
 
    (c) relates to any matter relevant to the investigation.
      (3) The Director may by notice in writing-
 
 
    (a) require any person carrying on any business to provide him with such information as may be specified or described in the notice; and
 
    (b) specify the time within which, and the manner and form in which, any such information is to be provided.
      (4) No person may be required under this section to produce or disclose a privileged communication.
 
      (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.
 
      (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 deal with the defaulter as if he were in contempt.
 
      (7) In this section, "the court" means-
 
 
    (a) the High Court; and
 
    (b) in relation to Scotland, the Court of Session.
Procedure on exercise of certain powers by Treasury.     302. The Treasury may not refuse their approval under section 296 or give a remedial direction unless they-
 
 
    (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-
 
      (i) about any report made by the Director under section 298 or 299;
 
      (ii) as to whether, and if so how, the Treasury should exercise their powers under section 296 or 297; and
 
    (b) have had regard to any such representations.
 
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