New Phase 2 investigation process adopted by CMA

Summary:

The Competition and Markets Authority (CMA) has updated its guidance on conducting Phase 2 merger investigations, introducing changes aimed at streamlining and improving the process. Key updates include:

Streamlined Phase 2 investigation start, allowing for earlier focus on key issues
Increased opportunities for all affected businesses to engage with the CMA's Inquiry Group
Incentivized merging parties to bring forward credible remedies at an early stage
Revised guidance reflects feedback from stakeholders, including businesses and their advisers

The changes aim to improve the efficiency and effectiveness of Phase 2 investigations, enabling more agile decision-making and facilitating early engagement between merging firms and the CMA. The revised guidance is effective immediately, and new Phase 2 investigations will be conducted under the new process.