CMA Guidance On Requests For Internal Documents In Merger Investigations

Companies and their advisers need to be even more vigilant about the contents of internal documents concerning proposed deals, because the Competition and Markets Authority (CMA) is tightening its procedure for requiring production of them in merger investigations.

The CMA has long expected merging parties to provide their internal documents to the CMA as part of its merger review process. The CMA is now consulting on draft guidance on its requests for internal documents in merger investigations. "Internal documents" means documents which the merging parties have generated internally in the ordinary course of business, including studies, reports and presentations, plus relevant emails sent or received by the merging parties.