Fair Trading Act 1973

Fair Trading Act 1973

an Act which consolidated and extended UK competition law by controlling MONOPOLIES, MERGERS AND TAKEOVERS, RESTRICTIVE TRADE AGREEMENTS and RESALE PRICES. The Act established a new regulatory authority the OFFICE OF FAIR TRADING (headed by the Director-General of Fair Trading) with powers to supervise all aspects of COMPETITION POLICY, including the monitoring of changes in market structure, companies' commercial policies, the registration of restrictive trade agreements, and the referral, where appropriate, of cases for investigation and report by the Monopolies and Mergers Commission and Restrictive Practices Court. The Act also gave the OFT specific responsibilities to oversee other matters affecting consumers' interests, including weights and measures, trade descriptions and voluntary codes of good practice. The Act's provisions relating to monopolies, restrictive trade agreements and resale prices have now been superceded by the COMPETITION ACT, 1998. However, the Office of Fair Trading continues to supervise these situations as well as being responsible for the regulation of mergers and takeovers under the 1973 Act and the referral of cases to the COMPETITION COMMISSION for investigation and report. See CONSUMER PROTECTION.

Fair Trading Act 1973

an Act that consolidated and extended UK competition law by controlling MONOPOLIES, MERGERS and TAKEOVERS, RESTRICTIVE TRADE AGREEMENTS and RESALE PRICES. The Act established a new regulatory authority, the OFFICE OF FAIR TRADING (OFT) (headed by the Director-General of Fair Trading) with powers to supervise all aspects of COMPETITION POLICY, including the monitoring of changes in market structure, companies’ commercial policies, the registration of restrictive trade agreements, and the referral, where appropriate, of cases for investigation and report by the Monopolies and Mergers Commission and Restrictive Practices Court. The Act also gave the OFT specific responsibilities to oversee other matters affecting consumers’ interests, including weights and measures, trade descriptions and voluntary codes of good practice.

The Act's provisions relating to monopolies, restrictive trade agreements and resale prices have now been superseded by the COMPETITION ACT 1998. The Office of Fair Trading, however, continues to supervise these situations as well as being responsible for the regulation of mergers and takeovers under the 1973 Act and the referral of cases to the COMPETITION COMMISSION for investigation and report. See CONSUMER PROTECTION.

References in classic literature ?
So they permitted the Gump to fly on, with regular flops of its great wings, and waited patiently for morning.
So when the villagers find they are visited by a colony of these vampires they get out, taking their live stock with them, and stay in caves or in densely wooded places until the bats fly on.
The Rough undertakings were accepted by the Secretary of State under section 88 of the Fair Trading Act 1973.
The move was prompted by a call from the National Federation of Retail Newsagents for the market to be investigated under the Enterprise Act 2002 rather than the Fair Trading Act 1973, which has a narrower remit.
The grounds for the winding-up were that it operated a membership scheme that was both unlawful, being in breach of section 120 of the Fair Trading Act 1973 as amended, and inherently objectionable.
The scheme was wound up on the grounds that it was both unlawful, being in breach of the Fair Trading Act 1973, and inherently objectionable
The Office of Fair Trading conducted a review of the pay TV market in the UK in 1996 under the Fair Trading Act 1973.
The regulatory framework was set up by the Fair Trading Act 1973 which created the Office of Fair Trading.
acquisition by Mirror Group plc of Raceform Ltd to the Competition Commission under the provisions of the Fair Trading Act 1973.
Consumer Affairs Minister Dr Kim Howells said today that he proposed to make an order under the Fair Trading Act 1973 requiring travel groups to state clearly any links between businesses to consumers before they book their holiday.
First, the DGFT, or an industry DG if requested by the DGFT, can act against courses of conduct detrimental to the interests of the consumer under the Fair Trading Act 1973.
IME is today submitting a Merger Notice to the Office of Fair Trading pursuant to the Fair Trading Act 1973.