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34 (2) The Commission shall take no further action under this Part with respect to the conduct unless—
 * (a) it has reasonable grounds for believing that there has been a material change of circumstance since it gave its decision; or
 * (b) it has reasonable grounds for suspecting that the information on which it based its decision was incomplete, false or misleading in a material particular.

(3) No penalty may be imposed under this Part in respect of any infringement of the section 47 prohibition by conduct to which this section applies.

(4) The Commission may remove the immunity given by subsection (3) if—
 * (a) it takes action under this Part with respect to the conduct in one of the circumstances mentioned in subsection (2);
 * (b) it considers that it is likely that the conduct will infringe the section 47 prohibition; and
 * (c) it gives notice in writing to the undertaking on whose application the decision was made that it is removing the immunity as from the date specified in its notice.

(5) If the Commission has reasonable grounds for suspecting that information—
 * (a) on which it based its decision; and
 * (b) which was provided to it by an undertaking engaging in the conduct,

was incomplete, false or misleading in a material particular, the date specified in a notice under subsection (4)(c) may be earlier than the date on which the notice is given. Division 4—Mergers Mergers

54.—(1) Subject to section 55, mergers that have resulted, or may be expected to result, in a substantial lessening of competition within any market in Singapore for goods or services are prohibited.