Market investigation and review of designation

1. The Commission may conduct a market investigation for the purpose of Article 3(6). It shall conclude the investigation within 12 months by a decision designating the undertaking or closing the investigation.

2. The Commission shall review each designation at least every three years, and whenever the covered undertaking so requests on the basis of a substantial change in the facts on which the designation was based.

3. The Commission shall repeal a designation where the covered undertaking has not satisfied the requirements of Article 3(1) for two consecutive financial years. Repeal shall not be granted where the failure to satisfy those requirements results from an arrangement referred to in Article 3(8). Repeal shall not affect a citizens' capital warrant already issued, save that a warrant not yet crystallised shall lapse five years after repeal if no liquidity event has occurred by that date.

4. Before adopting a decision under this Article or under Article 3, the Commission shall communicate its preliminary findings to the undertaking concerned and give it the opportunity to be heard within a period of not less than 20 working days.