The UK’s new competition regime
Important changes to the UK’s competition law regime came into effect on 1 April 2014. This article highlights the principal changes of which businesses need to be aware.
We discuss the new Competition and Markets Authority (CMA); the enforcement of competition law in regulated/utility sectors; the cartel offence, which carries personal liability for directors and employees; the merger regime; market investigations; and administrative penalties for failing to comply with a request from the CMA. Finally, we take a brief look at potential/impending changes in the sphere of competition litigation and regulatory appeals.
The major change is that the UK has a new competition law enforcement agency, the CMA. The CMA has assumed the competition law functions (and certain consumer law functions) of the Office of Fair Trading (OFT) and the Competition Commission, both of which are now disbanded. The CMA has been explicitly created in order to ensure that there is more proactive and rigorous enforcement of competition law within the UK than before. It has more extensive powers than the OFT did, including enhanced compulsory interview powers, which may be used during a dawn raid (and dawn raids are not now limited to business premises but include private houses and vehicles), and a power to impose penalties on businesses and individuals, including current and former employees, that fail to co-operate with an investigation, e.g. by the late production of documents. Furthermore, the CMA will have an increased budget and resources to undertake more investigations each year, and will work closely in conjunction with sector regulators in the UK…
Click on the link below to read the rest of the Walker Morris briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.