The Competition and Markets Authority (CMA) has introduced changes to its Phase 2 merger investigation process, aiming to streamline the start of investigations, improve engagement with affected businesses, and incentivize merging parties to propose remedies early on.

The updated guidance follows extensive engagement with stakeholders and a public consultation, resulting in positive feedback and revisions to clarify certain aspects of the process.

The new process for Phase 2 investigations will enable more agile decision-making, early engagement with merging businesses, and increased discussions on potential remedies.

Additionally, the CMA has revised its guidance on exceptions to referring mergers for Phase 2 investigations, updating the approach to the 'de minimis' exception to focus resources on mergers with significant impacts.

The revised guidance documents for the new Phase 2 investigation process and exceptions to the duty to refer have been published on the CMA's website.