The Competition and Markets Authority (CMA) has published a consultation on revised guidance on its jurisdiction and procedure in relation to mergers, together with a draft revised merger notice.

According to the CMA, the proposed changes to the guidance are designed to embed the new 4Ps framework (which we have discussed here) into its mergers processes. They cover three areas: 

1. Updates to the application of the CMA’s jurisdiction test

The consultation sets out proposed changes which seek to clarify the CMA’s approach to the assessment of material influence, as well as whether the share of supply test is satisfied. As for the former, this includes detailing the factors that it will typically take into account when assessing the acquirer’s ability to influence the policy of the target company, such as the level of shareholding held, the right to appoint members to the board, and financial or consultancy agreements.

2. Changes relating to the CMA’s approach to global mergers

The proposed changes to the guidance are intended to provide greater clarity on the circumstances under which the CMA is likely to exercise its discretion in deciding whether to call a case in for investigation on its own initiative. It explains that those transactions involving global firms that have a UK-specific impact and which tend to involve local or national markets are more likely to be prioritised for investigation than those that “concern exclusively global (or broader than national) markets”.

3. Changes relating to process

Finally, the new guidance reflects and responds to changes to the timeframes of phase 1 investigations, namely that pre-notification will typically be no longer than 40 working days and that straightforward clearance decisions will be announced within 25 working days. To assist the CMA with meeting these targets, the merger notice template has been updated so that the CMA receives the information it requires to conduct its pre-notification activities promptly.

The CMA invites views on these proposed changes by 1 August 2025. To read the consultation in full, click here.