The FCA has published Consultation Paper 15/1: FCA Competition Concurrency Guidance and Handbook amendments (CP15/1).

In CP15/1, the FCA seeks views on three separate documents:

• draft guidance on its powers under the Competition Act 1998 (CA98). The draft guidance focuses on the procedural aspects of the FCA’s powers of enforcement under CA98. These include how the FCA will identify potential infringements and how it will decide whether to open a formal investigation, and who will be the decision makers for certain key decisions in such an investigation;
• draft guidance on market studies under the Enterprise Act 2002 (EA02) and the Financial Services and Markets Act 2000 (FSMA) and making market investigation references. This draft guidance sets out the differences between EA02 and FSMA market studies (in particular, the different information gathering powers that apply). It will replace ‘How we carry out market studies’, which will be withdrawn; and
• a draft legislative instrument to introduce minor amendments to the FCA Handbook. The FCA proposes two changes to the Supervision manual: an amendment of SUP 15.3.15R and a new rule and guidance to be introduced at the end of SUP15. The new rule and guidance to be introduced at the end of SUP15 requires disclosure of competition law infringements. It is in line with other obligations in SUP15, but creating a separate section will allow for any further changes to deal with competition law infringements without affecting other guidance on SUP 15.3.11R.

The deadline for comments to CP15/1 is 13 March 2015. The FCA will reflect on the feedback received before finalising the guidance documents and legal instrument and issue a feedback statement as soon as possible after it gets its concurrent competition powers on 1 April 2015.

View Consultation Paper 15/1: FCA Competition Concurrency Guidance and Handbook amendments, 15 January 2015