If the CMA is of the opinion that the regulatory arrangements of an approved regulator (or any part of them) prevent, restrict or distort competition within the market for reserved legal services to any significant extent, or are likely to do so, the CMA may prepare a report to that effect.
A report under subsection (1)—
Where the CMA makes a report under subsection (1), it must—
Before publishing a report under subsection (3)(b), the CMA must, so far as practicable, exclude any matter which relates to the private affairs of a particular individual the publication of which, in the opinion of the CMA, would or might seriously and prejudicially affect the interests of that individual.
The CMA may exercise any of the powers conferred on it by section 174(3) to (5) and (6A) of the Enterprise Act 2002 (c. 40) (investigation powers) for the purpose of assisting it in exercising its functions under this section and references in section 174 of the Enterprise Act 2002 to a "permitted purpose" are to be construed accordingly.
Where the CMA exercises any of its powers under section 174 of the Enterprise Act 2002 for the purpose referred to in subsection (5), "the relevant day" for the purposes of section 174B of the Enterprise Act 2002 is the day on which the CMA publishes its report.
For the purposes of the law of defamation, absolute privilege attaches to any report of the CMA under this section.