22.—(1) In this section “appropriate date” has the same meaning as it has in section 19.

(2) Having considered a notification made to it, the Authority may decide that it shall carry out an investigation (in this section referred to as a “full investigation”) in relation to the merger or acquisition concerned.

(3) On completion of a full investigation in relation to the merger or acquisition concerned, the Authority shall make whichever of the following determinations it considers appropriate, namely that the merger or acquisition—

(a) may be put into effect,

(b) may not be put into effect, or

(c) may be put into effect subject to conditions specified by it being complied with,

on the ground that the result of the merger or acquisition will or will not, as the case may be, be to substantially lessen competition in markets for goods or services in the State or, as appropriate, will not be to substantially lessen such competition if conditions so specified are complied with.

F115[(3A) Where, on completion of a full investigation in relation to a merger or acquisition—

(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

(b) that is a merger or acquisition—

(i) to which paragraph (a) or (b) of section 18(1) applies, or

(ii) that has been notified to the Commission in accordance with section 18(3), 18(3A) or 18A(1),

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—

(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

(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.]

(4) Where the Authority makes a determination under subsection (3), it shall reduce the determination to writing (and the determination in that form is referred to in paragraph (a) and subsection (7) as a “written determination”) and—

(a) furnish to the undertakings which made the notification a copy of the written determination within F116[120 working days] after the appropriate date, and

(b) publish the determination, with due regard for commercial confidentiality, within F116[60 working days] after the making of the determination.

F117[(4A) Notwithstanding subsection (4)(a), if the Commission has, under section 20(2), made, not later than 30 working days from the date of its determination under section 21(2)(b), F118[a requirement or requirements of an undertaking involved in the merger or acquisition concerned], the period of 120 working days referred to in subsection (4)(a) shall stand suspended on the date that the first requirement is made and shall resume—

(a) on the date on which the requirement is complied with or, in case 2 or more requirements are made and each is complied with, on whichever of the dates on which the requirements are complied with is the later or latest,

(b) where the requirement is not complied with or each of the 2 or more requirements is not complied with, on the date immediately following the expiry of the period specified in the requirement or, as the case may be, on the date immediately following the expiry of whichever of the respective periods specified in the requirements is the last to expire, or

(c) in case 2 or more requirements are made but one or more but not all of them are complied with, on the later or latest of the following dates, namely the dates provided by applying—

(i) paragraph (a) to the requirement or requirements complied with, and

(ii) paragraph (b) to the requirement or requirements not complied with.

(4B) If any of the undertakings that have made the notification concerned submits to the Commission during a full investigation under this section proposals to which section 20(3) applies, subsections (4) and (4A), section 19(1)(d) and, in the case of a media merger, paragraph (c) of the definition of "relevant date" in section 28A(1) F119[and paragraph (b) (inserted by section 4 of the Intellectual Property (Miscellaneous Provisions) Act 2014) of section 28B(2)] (inserted by section 74 of the Competition and Consumer Protection Act 2014), shall apply as if "135 working days" were substituted for "120 working days" in those provisions.]

F115[(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—

(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

(b) the Commission does not issue a notification under section 20(2)(c) within 10 working days of being provided with the certification.

(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—

(a) the requirement shall be deemed not to be complied with for the purposes of subsection (4A), and

(b) the Commission may request additional information relating to that requirement from the person or undertaking of whom the requirement was made.

(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.]

(5) A determination under subsection (3)(c) that the merger or acquisition may be put into effect subject to specified conditions being complied with is referred to in this section as a “conditional determination”.

(6) A conditional determination shall include a condition requiring the merger or acquisition to be put into effect within 12 months after the making of the determination.

(7) A written determination under subsection (3) shall state the reasons for its making and shall include a report in relation to the full investigation.

(8) Before making a determination under subsection (3), the Authority shall have regard to any relevant international obligations of the State.