The Competition and Markets Authority (CMA) has launched a consultation inviting views on updated guidance on its approach to the markets regime.

This follows a previous consultation conducted last year, on which we commented here, which sought to reflect changes resulting from the Digital Markets, Competition and Consumers Act 2024 (DMCCA) and generally to bring up to date and simplify guidance so that it reflected the CMA’s practice.

Since then, the CMA has engaged with business and received its Strategic Steer from the Government (on which we commented here), as well as developed its new ‘4P framework’ (discussed here).

The new Markets Regime Guidance on which the CMA is now consulting seeks to reflect these developments. It proposes, for example, the issuing of a new ‘Project Roadmap’ at the outset of each market review, study, or investigation which will set out the “proposed tailored approach to the relevant markets project” such as bespoke KPI timeframes, when parties can expect to engage with the decision maker(s), and public consultation points.

The CMA also proposes to bring in external sector expertise when carrying out markets projects, to introduce internal ‘state of play’ meetings, and suggests a range of proposals to facilitate “enhanced engagement between the CMA and affected parties”. Measures are also proposed to reduce the overall time taken by the CMA for its markets work, including when undertakings could be appropriately accepted partially or fully in lieu of a market investigation. The CMA will also monitor compliance with remedies and amend or remove remedies where they fail to achieve their intended purposes.

Finally, the updated guidance includes amendments which outline the CMA’s approach in the light of the DMCCA’s changes to the market regime, as well as changes which further consolidate and streamline the CMA’s guidance.

Subject to the responses it receives, the CMA intends to publish the final version of the Markets Regime Guidance towards the end of this year.

The consultation closes on 1 October 2025 and can be found here.