146 NEWSLETTER 2021 the administrative fine to be imposed on an undertaking, on the condition that they accept the existence and scope of the violation through the settlement procedure. The aim of using the settlement procedure is to shorten and accelerate the investigation process and to reduce the costs arising from the investigation. The Competition Board (“Board”) considers the procedural benefits arising from the speedy completion of the investigation process, as well as differences of opinion regarding the existence or scope of the violation, in initiating the settlement process. Thus, while initiating the settlement procedure, the Board may consider factors such as the number of parties under investigation, whether a significant portion of the parties have resorted to settlement, the scope of the violation and the nature of the evidence, and whether it is possible to reach a consensus with the parties to the investigation regarding the existence and scope of the violation. It should be emphasized that, as per Provisional Article 1 of the Regulation, the provisions of the Regulation are also applied retroactively to investigations that were initiated prior to the entry into force of the Regulation (before 15.07.2021) and for which the investigation report has not been notified. Procedures and Principles of Settlement The Board may settle with the parties under investigation who accept the existence and scope of the violation up until the notification of the investigation report. Initiation of the Settlement Process and Settlement Negotiations The settlement procedure may be initiated by the Board ex officio or upon the request of the parties after the commencement of the investigation. In case a party requests the initiation of settlement negotiations, they must submit their requests in writing to the Competition Authority (“Authority“). The Board may accept or reject this request, or may decide to invite other parties to the investigation, if any, to settlement negotiations.
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