United Kingdom: Opened consultation on CMA guidance on the mergers reporting requirements for strategic market status firms

On 24 May 2024, the Competition and Markets Authority (CMA) initiated a public consultation on its draft guidance on the merger reporting requirements for Strategic Market Status (SMS) firms, as mandated by the Digital Markets, Competition and Consumers Act (the DMCC Act). The consultation closes on 12 July 2024. The draft guidance aims to clarify the obligations of SMS firms and their affiliates in reporting certain mergers and acquisitions that have a nexus to the United Kingdom. The draft guidance outlines the scope of the duty to report, detailing which transactions qualify as reportable events and the process for submitting such reports. It further explains the criteria for a transaction to be considered a reportable event, including the acquisition of interests that result in SMS Acquirers obtaining "qualifying status", the UK nexus requirement, and the consideration value thresholds. Additionally, the guidance addresses the enforcement provisions under the DMCC Act for non-compliance with the reporting requirement.