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Training Course Summary:

Overview of the Enterprise Act
Strengthening competition
Changing bankruptcy and insolvency procedures
Empowering consumers

Economic Purpose of Competition Policy and Consumer Protection
Monopoly power and losses of economic welfare
Asymmetry of information

UK versus US Tradition

Competition Measures
Removing competition decisions from politics
Making competition authorities more transparent and accountable
New criminal penalties
Providing greater redress for victims of anti-competitive behaviour

Protecting the Consumer
Extension of stop now orders regime
OFT to approve codes of practice
Enabling consumers organisations to make 'super-complaints'

Insolvency Reform
Restricting the use of administrative receivership
Streamlining administration procedures
Abolition of the crown's preferential right to recover unpaid taxes
Modernisation of the insolvency service

Office of Fair Trading (OFT)
New Office of Fair Trading to the Director General of Fair Trading
Depersonalisation of competition and consumer regulation
Future separation of the roles of chairman and chief executive

Competition Appeal Tribunal (CAT)

How the Enterprise Act 2002 changes the Competition Act 1998
New institutional arrangements
Criminalisation of cartels
Disqualification of directors in breach of competition policy
Extends competition law to designated professional rules
Replacement of monopoly reference powers with a new market
investigation

Training Course Overview/Content:

The Enterprise Act 2002 became law in June 2003 and is of considerable relevance to corporate financiers. The aspects of competition policy which it addresses are very relevant in mergers and acquisitions and this seminar focuses on the likely effect of the new rules on corporate deals and procedures.