Competition Commission (United Kingdom)
The Competition Commission is a non-departmental public body responsible for investigating mergers, markets and other enquiries related to regulated industries under competition law in the United Kingdom. It is a competition regulator under the Department for Business, Innovation and Skills (formerly the Department for Business, Enterprise and Regulatory Reform). They ensure healthy competition between companies in the UK for the ultimate benefit of consumers and the economy.
The Competition Commission replaced the Monopolies and Mergers Commission on 1 April 1999. It was created by the Competition Act of 1998, although the majority of its powers are governed by the Enterprise Act 2002.
The Enterprise Act 2002 gave the Competition Commission wider powers and greater independence than the MMC had previously, so that it now makes decisions on inquiries rather than giving recommendations to Government and is also responsible for taking appropriate actions and measures (known as remedies) following inquiries which have identified competition problems.
The Government can still intervene on mergers that involve a specified public interest criterion such as media plurality, national security and financial stability.
Read more about Competition Commission (United Kingdom): The Role of The Competition Commission, Mergers, Market Investigations, Reviews of Undertakings or Orders, Regulatory References, Energy Code Modifications and Communications Act Appeals
Famous quotes containing the words competition and/or commission:
“Sisters define their rivalry in terms of competition for the gold cup of parental love. It is never perceived as a cup which runneth over, rather a finite vessel from which the more one sister drinks, the less is left for the others.”
—Elizabeth Fishel (20th century)
“Children cannot eat rhetoric and they cannot be sheltered by commissions. I don’t want to see another commission that studies the needs of kids. We need to help them.”
—Marian Wright Edelman (20th century)