Under its Leniency Policy for Undertakings Engaged in Cartel Conduct (“Leniency Policy”), the Competition Commission (“Commission”) may make a leniency agreement with an undertaking that it will not bring or continue proceedings in the Competition Tribunal (“Tribunal”) for a pecuniary penalty in exchange for the undertaking’s cooperation in an investigation or in proceedings under the Competition Ordinance (Cap. 619) (“Ordinance”). Undertakings which do not benefit from leniency under the Leniency Policy can opt to cooperate with the Commission’s investigation within the framework of this Cooperation and Settlement Policy for Undertakings Engaged in Cartel Conduct (“Policy”) in exchange for benefits as set out in this Policy. Cooperation with the Commission’s investigation will ultimately lead to the Commission and the undertaking jointly applying to the Tribunal for an order made by consent that the undertaking has contravened or been involved in the contravention of the First Conduct Rule. This Policy is an important tool in enhancing the Commission’s ability to conduct effective and efficient investigations into cartel conduct, which will in turn deter the occurrence of cartel conduct in Hong Kong. In view of these considerations, the Commission considers that it is in the public interest for the Commission to apply this Policy.