The Competition and Markets Authority (“CMA”) has published a consultation about updates to its guidance on its approach to the markets regime. According to the CMA, there is a need to revise and consolidate existing guidance both in the light of the passage of the Digital Markets, Competition and Consumers Act 2024 (“DMCCA 2024”), and other changes to legislation and practice at the CMA since the Enterprise Regulatory Reform Act 2013.

In addition to a general consolidation of the current guidance, there are also a number of amendments and additions to reflect the CMA’s approach to the markets regime changes brought about by the DMCCA 2024, including:

• The removal of the six-month time limit to consult on a proposal to make or not make a market investigation reference.
• Clarifying that the CMA may make a market investigation reference after previously deciding not to do so where two years has passed since the market study report or where there has been a material change of circumstances since the preparation of the market study report.
• Amendments to enabling the CMA to confine the scope of market investigations to the particular features specified in the reference.
• A new power for the CMA to accept partial or full undertakings under Part 4 of EA02 (market studies and market investigations) at any stage during a market study or market investigation.
• A new power for the CMA or the Secretary of State to conduct trials to assess the likely effectiveness of potential undertakings and orders and determine their final format.
• Amendments to the requirement for the CMA to keep the effectiveness of Part 4 EA02 undertakings or orders under review and a new power for the CMA to replace, vary, or revoke undertakings and orders in certain circumstances (or advise the Secretary of State to do so) that are not effective.
• Minor amendments to the provision for the power of the CMA or the Secretary of State to take action in relation to regulated markets.

The consultation seeks views on the proposed updated guidance, asking if it adequately covers the relevant matters or needs further clarification or expansion. After the CMA collates and analyses the responses to the consultation, it is expected that the final version of the guidance will be published later this year or in January 2025.

The consultation closes on 3 December 2024 and can be found here.