BoE and CMA agree new MoU

The BoE and CMA have, for the first time, agreed a memorandum of understanding on how the two organisations will work together to help them achieve their statutory objectives. The MoU sets out agreed principles on information sharing which may include, but is not limited to:

• information on workstreams, investigations, specific issues of concern, policy proposals or policy developments that appear directly relevant to the other’s role;
• information and data otherwise obtained during the exercise of either organisation’s respective functions which appears relevant to the functions of the other;
• notifying the other about any relevant action contemplated (or taken) by a party which is or may be relevant to the functions of the other; and
• information obtained during the exercise of either party’s respective functions that is or may be relevant for the purposes of any joint project or investigation.

The MoU also explains how the parties plan to foster effective collaboration by:

• meeting and communicating regularly, at appropriate levels of seniority, to discuss matters of mutual interest;
• consulting one another at an early stage on any issues that might have significant implications for the other; and
• sharing (for comment), at an early stage, draft documents or publications that reference the other.

The BoE and CMA will review the MoU at least every five years, and any changes will be subject to the agreement of both organisations.