UK: Competition and Markets Authority officially enters global stage

The Competition and Markets Authority was officially launched Tuesday in a major step for the overhaul of the UK’s competition regime.

The CMA, which combines the powers of the Office of Fair Trading and the Competition Commission, will not officially begin its regulatory duties until next April. But Tuesday’s launch of the body will allow the CMA to make preparations in assuming those powers in 2014.

In its first order of business, the CMA revealed its proposal for vision, strategy and values, which outlined the regulator’s five goals:

• deliver effective enforcement
• extend competition frontiers
• refocus consumer protection
• Develop integrated performance
• achieve professional excellence

A press release described Tuesday’s entrance as a “shadow launch.”

At a launch event, Competition Minister Jo Swinson said the new regime is “determined to ensure that the CMA has the strong powers, guidance and resources it needs to create a competition regime that is both strong and streamlined.”

CMA Chairman David Currie also spoke at the event, introducing the new regulator as one that plans “to be a leading competition and consumer agency.”

Click here to read the CMA’s full Vision, Values and Strategy report

Full Content: 4-Traders

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