Competition Market studies and market investigations
The legislative framework concerning the conduct of market studies and market investigations is set out in Part 4 of the Enterprise Act 2002 which came into force on 20 June 2003. Part 4 of the Enterprise Act 2002 replaced the monopoly inquiries regime in the Fair Trading Act 1973 and, as enacted, empowered the Office of Fair Trading, certain sector regulators and, under a reserve power, Ministers, to make a reference to the Competition Commission for a market investigation. As with merger functions, the regime provided for decisions to be taken in most cases by independent competition authorities against a competition-based test, with a framework for intervention to be made and decision making to rest with the Secretary of State in cases involving a public interest consideration.
	Amendments to Part 4 made by the Enterprise and Regulatory Reform Act 2013 made provision for the introduction of cross market references, to give the Secretary of State power to request the CMA to investigate public interest issues alongside competition issues as part of a market investigation, to introduce and in some cases, reduce statutory time limits and harmonise information gathering powers for all stages of the markets process, remove a duty to consult on a decision not to make a market investigation reference, other than where there has been a request for a reference to be made, and ensure that the CMA may use interim measures to reverse as well as prevent pre-emptive action during a market investigation. These amendments came into force on 1 April 2014.