On 24 April 2026, the Competition and Markets Authority (CMA) published a consultation on proposed updates to its general guidance on transparency and disclosure (the Consultation). This article summarises the key proposals and their practical significance for businesses and advisers engaging with the CMA.

Background to the Consultation

The CMA’s existing guidance on transparency and disclosure is set out principally in two documents:

• CMA6 – Transparency and disclosure: Statement of the CMA’s Policy and Approach (as amended in 2014), setting out the CMA’s policy and approach; and
• CC7 – Chairman’s Guidance on Disclosure of Information in Merger Inquiries, Market Investigations and Reviews of Undertakings and Orders (as published in 2013), providing guidance relating to Phase 2 merger inquiries, market investigations, and reviews of undertakings and orders.

The substantive relevant content of CC7 is currently covered in CMA6 and other recent guidance (e.g., CMA2 on mergers and CMA3 on market reviews and studies). Hence, the CMA has proposed to withdraw CC7 entirely and consolidate all general transparency and disclosure guidance within an updated CMA6.

Proposed changes

Consolidation of CC7 content into CMA6. The updated CMA6 will include:

1. Express reference to the importance of transparency, enabling parties to understand the issues being considered by the CMA and identify inaccuracies in information;
2. Detail on the factors the CMA will consider in determining the manner and timing of engagement with parties, including avoiding unnecessary burdens on business, the need to protect certain information, and the importance of maintaining the CMA’s reputation for doing so;
3. More detail on the factors considered by the CMA in determining what information it can disclose. The guidance will clarify that, specifically, sensitive information and commercial information “relating to any business of an undertaking” that may harm the undertaking’s legitimate business interests can be excluded; and
4. Further information on the CMA’s possible methods of disclosure, the form of disclosed documents, and the CMA’s approach to presenting confidential market share data. Importantly, it is clarified that there is generally no presumption that disclosure will be made in any particular manner.

Reflecting the CMA’s 4Ps approach. The guidance on information requests will be amended to reflect the CMA’s current practice and commitment to pace, predictability, proportionality, and process. Guidance will be included on the CMA’s approach to publishing final administrative penalty decisions issued before a formal case opening decision, and on engagement with parties during cases, expressly referring to the possibility of publishing summaries and/or non-confidential versions of key submissions in Phase 2 merger inquiries and market investigations.

Terminology and procedural updates. The description of statutory considerations the CMA must have regard to before disclosing specified information will be updated to accurately reflect the statutory definitions contained in the Enterprise Act 2002.

Disputes and complaints. The scope of the complaints process relating to the CMA’s consumer enforcement functions prior to the opening of an enforcement investigation will be updated. The respective remits of the Procedural Officer, Procedural Complaint Adjudicator, and General Counsel in reviewing complaints will be explained, along with the process for requesting such a review.

The text of CMA6 will also be streamlined to improve readability and ensure accuracy; this includes removing material replicated elsewhere in other guidance.

How the changes matter in practice

These changes carry several practical implications for businesses and advisers.

The consolidation of CC7 into CMA6 provides a one-stop shop point of reference for the CMA’s approach to transparency and disclosure, thereby improving accessibility and predictability for parties navigating the CMA’s processes. Confidentiality and disclosure are key concerns for parties engaging with the CMA, so the CMA6 guidance is important.

There will be a clear expectation that businesses must respond promptly and fully to the CMA’s information requests, given the emphasis on the link between timely responses to information requests and the pace of CMA investigations. The updated guidance also makes clear that the CMA is only likely to agree to deadline extensions where a party can provide very good reasons for non-compliance, reinforcing the need for businesses to invest in efficient information management and response procedures when subject to CMA scrutiny.

The expanded detail on factors used to determine disclosure and disclosure methods provides helpful clarity on how to present a case for confidentiality of submissions to the CMA. Parties must, therefore, ensure that they are precise and well-evidenced in identifying confidential material in line with the CMA’s considerations.

How businesses can participate in the Consultation

The Consultation is open for four weeks and closes at 11:59pm on 22 May 2026. Parties interested in responding to how transparency and confidentiality should be considered by the CMA can submit their views by email. Note that, once the CMA has considered the responses received during the Consultation, it will publish non-confidential versions or a summary of them. 

For more information on this Consultation, visit the CMA6 Consultation page.

Client Alert 2026-098