To be delited

Question 1

Why is regulation used

Answer 1

Regulation is used to reduce the amount of dominant and anti-competitive practices used

Question 2

What does the CMA stand for

Answer 2

The CMA stands for the ‘Competition and Market Authority’

Question 3

What two organisations can block UK merges and acquisitions

Answer 3

1. CMA

2. European Regulatory Commission

Question 4

Define the CMA’s mission statement

Answer 4

Work to promote competition for the benefit of consumers, both within and outside the UK. Our aim is to make markets work well for consumers, businesses and the economy

Question 5

Name 3 things the CMA do

Answer 5

1. Investigate merges that could restrict competition
2. Investing the abuse of dominant positions
3. Investigating markets with competing problems

Question 6

Name 3 sanctions that the CMA can enforce

Answer 6

1. Businesses can be fined up to 10% of their global turnover
2. Individuals can be disqualified from being a company director
3. Directors can be fired if they fail to give the CMA the required information

Question 7

What is OFGEM

Answer 7

OFGEM promotes competition, investigates branches and issues fines where legislation is breached