(1) A reference in these Regulations to an undertaking with significant market power is a reference to an undertaking designated as such by the Regulator under Regulation 49 where the Regulator is satisfied, acting in accordance with European Union law and taking the utmost account of the SMP guidelines, that in relation to any relevant market, such undertaking (whether individually or jointly with others) enjoys a position which is equivalent to dominance, namely a position of economic strength affording it the power to behave to an appreciable extent, independently of competitors, customers and, ultimately, consumers.

(2) Where an undertaking has significant market power on a specific market it may also be designated as having significant market power on a closely related market where the links between those two markets allow the market power held on the specific market to be leveraged into the closely related market, thereby strengthening the market power of the undertaking. Consequently, remedies aiming to prevent such leverage may be applied in the closely related market under Regulations 51, 52, 53 and 56 or any of them.