Article 16. Market analysis 1. Market analysis shall be conducted by the Communications Regulatory Authority. The objective of a market analysis conducted by the Communications Regulatory Authority shall be to ensure effective competition in the field of electronic communications and prevent the abuse of market power by undertakings with significant market power. The Communications regulatory Authority shall lay down the rules on market analysis. 2. The market analysis procedure shall include the following stages: 1) definition of a relevant market (product/service and geographic), the characteristics of which may justify the imposition of obligations referred to in Article 17 of this Law; 2) analysis whether a relevant market is effectively competitive and in the case it is not effectively competitive, identification of undertakings with significant market power on that market; 3) imposition, amendment and/or withdrawal of obligations referred to in Article 17 of this Law with respect to undertakings with significant market power. 3. The Communications Regulatory Authority shall carry out a market analysis after the European Commission adopts a recommendation defining relevant product and service markets or a decision defining the European Union market or in the event of amendment of these legal acts. 4. The Communications Regulatory Authority shall also have the right to conduct a market analysis: 1) at the request of interested undertakings; 2) at the request of state or municipal institutions; 3) at its own initiative. 5. The market analysis shall be initiated by a decision of the Communications Regulatory Authority. The Communications Regulatory Authority shall have the right to complete individual stages of the market analysis procedure where it reasonably and justly considers that the completion of other stages is not expedient. 6. In investigating markets, the Communications Regulatory Authority shall rely on legal acts of the Republic of Lithuania, European Union legislation and take into account the European Commission guidelines and recommendations, as well as the opinions and common positions adopted by the Body of European Regulators for Electronic Communications. 27