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Rh :(b) any activity of the Singapore Clearing Houses Association in relation to its activities regarding the Automated Clearing House.

Vertical agreements

8.—(1) The section 34 prohibition shall not apply to any vertical agreement, other than such vertical agreement as the Minister may by order specify.

(2) In this paragraph, “vertical agreement” means any agreement or concerted practice entered into between 2 or more undertakings each of which operates, for the purposes of the agreement, at a different level of the production or distribution chain, and relating to the conditions under which the parties may purchase, sell or resell certain goods or services. FOURTH SCHEDULE Sections 55 and 92 EXCLUSIONS FROM SECTION 54 PROHIBITION 1. The section 54 prohibition shall not apply to any merger approved under—
 * (a) any written law; or
 * (b) any code of practice issued under any written law relating to competition.

2. The section 54 prohibition shall not apply to any merger involving any undertaking relating to any specified activity as defined in paragraph 6(2) of the Third Schedule.