Library / PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

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(1) Parties that settle may receive a reduction in financial penalties of up to: 
    (a) 50% where settlement is combined with leniency under the FCCPC 
Leniency Rules, 2022; 
    (b) 30% where settlement is sought at an early stage; 
    (c) 20% where settlement is sought after the Statement of Objections but 
before a final decision. 
 
(2) The exact percentage shall depend on: 
    (a) Timing of application; 
    (b) Level of cooperation; and 
    (c) Value of compliance commitments undertaken. 
 
14. Benefits of Settlement 
 
Settlements shall: 
(a) Reduce the length and cost of proceedings; 
(b) Provide certainty to parties and markets; 
(c) Demonstrate good faith cooperation; and 
(d) Enable quicker restoration of effective competition. 
 
 
Part V – Confidentiality and Disclosure Requirements 
 
15. Confidentiality 
 
(1) Settlement applications and related documents shall be treated as 
confidential, subject to: 
    (a) Statutory disclosure obligations; 
    (b) Data protection requirements; and 
    (c) Court-ordered disclosure. 
 
(2) Confidential information shall not be disclosed to third parties without the 
applicant’s consent, except where required by law. 
 
16. Disclosure Requirements 
 
(1) Applicants must disclose all relevant information, including: 
    (a) Documents, records, and data relating to the conduct; 
    (b) Financial accounts showing gains or losses from the conduct; 
    (c) Names of individuals or affiliates involved; and 
    (d) Compliance measures implemented. 
 
(2) Any false or misleading disclosure shall void the settlement. 
 
 
Part VI – Termination and Enforcement