Mergers exceptions to the duty to refer and undertakings in lieu
How the CMA applies exceptions to the duty to refer in operating the merger control regime.
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25 April 2024: This guidance updates and replaces the previous version of the Mergers: Exceptions to the duty to refer (dated 13 December 2018). In particular, it updates the CMA’s approach to markets of insufficient importance (the ‘de minimis’ exception). The revised guidance takes effect upon the date of publication (25 April 2024) and will apply to all new merger cases from that point onwards. This includes all cases where a Phase 1 investigation has not formally commenced on 25 April 2024 (including under sections 22, 33, 44 and 61 of the Enterprise Act 2002). For all cases that are ongoing on 25 April 2024 (ie where the relevant Phase 1 investigation was formally commenced prior to 25 April 2024), the 2018 guidance will continue to apply.
Last updated 25 April 2024 + show all updates
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Updated guidance published.
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Merger exceptions to the duty to refer guidance has been updated following consultation.
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Guidance on the application of the 'de minimis' exception updated.
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First published.