Part 1: Digital Markets Procedure Section 14: Outcome of SMS investigations
This section sets out what the CMA must do at the end of an SMS investigation.
	Subsection (1) sets out the decisions that the CMA must make. In the case of an initial investigation (save where it has been closed under section 12), the CMA must decide whether to designate the undertaking with SMS in respect of a digital activity to which the investigation relates. In the case of a further SMS investigation, the CMA must make a decision on the matters set out in section 10(3) and, where relevant, section 10(4).
	Subsection (2) requires the CMA to give the undertaking a notice of its decisions on or before the last day of the SMS investigation period, and sets out that the period for the SMS investigation is nine months, beginning with the day on which the SMS investigation notice is given. Subsection (3) provides that if the SMS investigation notice is revised under section 11, the giving of a revised notice does not change the day on which the SMS investigation period begins. Subsection (4) states that the details of what an SMS decision notice should contain are set out in sections 15 and 16.
	Subsection (5) sets out that, as soon as reasonably practicable after giving an SMS decision notice, the CMA must publish the notice.
	Subsection (6) sets out what happens if the CMA does not give an SMS decision notice on or before the last day of the SMS investigation period. In the case of an initial investigation, it is as if the CMA had decided not to designate the undertaking in respect of any digital activity to which the investigation related. In the case of a further investigation, it is as if the CMA had decided to revoke the existing designation with effect from the end of the SMS investigation period.