Ottawa, October 1, 2025 — The United Kingdom’s Competition and Markets Authority (CMA) and Japan’s Fair Trade Commission (JFTC) have formalized a new Memorandum of Cooperation (MoC), signed in Ottawa, Canada, to establish a structured framework for information exchange, coordinated investigations, and mutual recognition of each authority’s enforcement interests.
The agreement recognizes that anticompetitive activity often transcends national borders, underscoring the need for regulators to share intelligence and coordinate interventions. It enables both agencies to notify each other about cases that may affect their respective markets and to align enforcement strategies on global mergers, cartels, and monopolistic conduct.
Under the MoC, the authorities can coordinate investigative timing, discuss market impacts, and seek to avoid conflicting obligations on companies. Each regulator retains autonomy but commits to considering the other’s significant interests before pursuing remedies or sanctions.
A key feature of the MoC is the structured mechanism for exchanging investigative information, including confidential data. While both agencies can share non-public details when legally permissible, strict confidentiality and data protection rules apply. The agreement prohibits the exchange of leniency or immunity materials without explicit consent from the party providing them.
To ensure procedural fairness, the MoC mandates each participant to maintain confidentiality, oppose third-party disclosure, and notify the other if compelled by law to reveal shared information. The CMA also noted that transfers of personal data will be rare and handled only in “exceptional and specific circumstances.”
The MoC extends beyond bilateral enforcement by allowing the CMA to involve UK concurrent regulators — such as sectoral bodies overseeing telecommunications or energy — in joint initiatives. However, any engagement by Japan’s JFTC with these regulators must occur transparently, with CMA oversight and adherence to the same confidentiality standards.
Both sides may also convene periodic meetings to discuss developments in competition policy, including legislative reforms and enforcement priorities.
Though not legally binding, the agreement marks a significant step in strengthening international cooperation between two major competition authorities. It reflects a growing global consensus that coordination is essential for tackling cross-border cartels and ensuring fair markets in an increasingly interconnected economy.
The MoC took effect immediately upon signature by CMA General Counsel Chris Prevett and JFTC Chair Eiji Chatani, and will remain in force unless terminated with 60 days’ notice.
