New guidelines from Channel Islands Competition & Regulatory Authorities

The Channel Islands Competition & Regulatory Authorities (CICRA) have issued new guidelines on the approval process for notifiable transactions in Jersey and Guernsey.

Where previously applicants were only expected to meet with CICRA before filing applications for transactions which could raise material competition concerns, CICRA is now actively encouraging all applicants to meet with CICRA to discuss the transaction before submitting a draft application for review.

Another key development is the "state of play" meeting between CICRA and the applicants which has been introduced specifically for cases where there is a realistic chance of the transaction either not being approved during the first detailed review stage or being conditionally approved.

It is clear that CICRA have taken a pragmatic approach to the process and have sought, through the issue of the new guidelines, to formally achieve a more collaborative and cooperative application process between CICRA and applicants, which is welcomed.