On 15 June 2012, the Competition Commission published a final draft of its revised market investigation guidelines for consultation, which reflect its experience in applying the market investigation regime in practice. The Guidelines are set out in five parts: (1) outlining the nature of competition and explaining how market investigations fit within the overall regime for promoting competition within the UK; (2) providing guidance on the nature of information gathered by the Competition Commission during the course of an investigation, including procedures and timescales; (3) listing the statutory questions which must be addressed by the Competition Commission and describing how it interprets “relevant market”, “features” and an “adverse effect on competition” (“AEC”); (4) considering the three issues considered by the Competition Commission when applying the AEC test: market characteristics and outcomes of competition within the market, definition of the market, and state of competition in the market; and (5) discussing remedial actions which the Competition Commission could prescribe such as divesting subsidiaries and behavioural remedies. The Competition Commission is inviting comments on the draft guidelines by 14 September 2012. Read the Draft Guidelines. Read the Guidelines’ Annexes.