Section 33(2)

The CMA may decide not to make a reference under subsection (1) if it believes that— the market concerned is not, or the markets concerned are not, of sufficient importance to justify the making of a reference ...; the arrangements concerned are not sufficiently far advanced, or are not sufficiently likely to proceed, to justify the making of a reference ...; or any relevant customer benefits in relation to the creation of the relevant merger situation concerned outweigh the substantial lessening of competition concerned and any adverse effects of the substantial lessening of competition concerned.

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Source: legislation.gov.uk · retrieved 2026-09-04