Part 1: Digital Markets Regulatory coordination and information sharing Section 107: Consultation with relevant regulators
This section sets out requirements for the CMA to consult specific named regulators when proposing to exercise certain significant digital markets functions (a "regulatory digital markets function", as defined in section 118(1)), where certain specified conditions are met. These functions include the discretionary opening of an SMS investigation, SMS designation, the imposition of a conduct requirement and the making of a PCI. The five regulators that these requirements apply to are the Bank of England, the Financial Conduct Authority, the Information Commissioner, the Prudential Regulation Authority and the Office of Communications.
	Subsections (1) and (2) require the CMA to consult the Financial Conduct Authority and the Office of Communications respectively on proposals which the CMA considers fall within the sectoral remit of the relevant regulator. In relation to the Financial Conduct Authority, this is the provision of financial services and the provision of claims management services in Great Britain, and in relation to the Office of Communications, commercial activities connected with communications matters. This could involve the CMA seeking the view of the relevant regulator on the impacts that the proposal may have on the sector the regulator is responsible for as well as any other relevant expertise the regulator might have.
	Subsection (3) requires the CMA to consult the Information Commissioner on proposals which the CMA considers are likely to have a non-negligible adverse impact on the Commissioner’s ability to exercise their functions under data protection and related legislation (see subsection (7)). This requirement does not affect any duty the CMA may have to consult the Information Commissioner under Article 36(4) of the UK General Data Protection Regulation.
	Subsection (4) requires the CMA to consult the Bank of England on proposals which the CMA considers are likely to have a non-negligible adverse impact on the Bank’s ability to advance its Financial Stability Objective (as defined in section 2A of the Bank of England Act 1998).
	Subsection (5) requires the CMA to consult the Prudential Regulation Authority on proposals which the CMA considers are likely to have a non-negligible adverse impact on the Authority’s ability to advance its general objective under section 2B of the Financial Services and Markets Act 2000, or its insurance objective under section 2C of that Act.
	Subsection (6) provides that the CMA is only required to consult a regulator to the extent that the CMA considers the burden on it of conducting the consultation not to outweigh the benefits that it would bring.