On 15 March 2012, the Department of Business, Innovation and Skills (BIS) announced final proposals to reform the UK competition law regime. The functions of the Competition Commission and the OFT will be transferred to a new single authority, the Competition and Markets Authority (CMA). The voluntary merger filing regime will be retained and strengthened. Filing fees are to increase significantly. BIS has stated that it aims to have the CMA operational by April 2014. The proposals are subject to Parliamentary timing and approval.