Competition and monitoring services

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We act as independent advisers and monitors during and after merger control and national security reviews, as well as antitrust, state aid, consumer protection, and other regulatory investigations.

Heightened regulatory scrutiny to uphold market competitiveness and national security can result in structural or behavioural obligations, and the imposition of an independent monitor to oversee compliance.

Understanding your business and its obligations, we focus on areas important to regulators and provide recommendations on demonstrating compliance to minimise the risk of issues. We help you manage compliance cost-effectively and resolve issues quickly to present a comprehensive picture.

Why Grant Thornton

Our monitoring specialists bring unrivalled knowledge and expertise, having delivered over 100 monitoring mandates, reporting to regulators, worldwide.

Our experience spans monitoring divestment and long-term behavioural commitments in the context of merger, state aid, national security, and antitrust or market investigations.

When needed, we draw on internal sector and technical experts to enhance our service, ensuring clients benefit from deep market insight and high-quality support.

Our approach

Collaboration is key to our monitoring approach. We understand the challenges of implementing new measures, and the increased scrutiny this can place on your business.

Our role includes reviewing your implementation plans, offering suggestions for improvement and to prevent any issues arising.

We work closely with your teams to identify key actions and relevant information, to support compliance.

Our ongoing procedures follow a work plan and information request agreed with you upfront, ensuring a collaborative and effective process.

Our team

The monitoring trustee role can add tremendous value and reduce risks, in addition to providing stakeholders with the required level of compliance assurance.

We deploy a core team with deep experience in supporting organisations through complex obligations and ensuring the right evidence is in place for ongoing adherence.

Our expertise includes large-scale projects involving hold-separate, behavioural, and divestment commitments, helping your team implement and maintain compliance effectively.

Global reach

Our network has member firms in over 145 countries. We use local support where required to provide a global monitoring trustee offer. These local entities are coordinated by our core team, ensuring consistency and alignment across jurisdictions.

This model allows us to access local expertise and language skills, delivering effective multi-country support, while minimising duplication.

Minimising issues

Despite the best of intentions, implementing and complying with new obligations can create unintended consequences.

We help identify potential issues early and support you in resolving them quickly.

If unforeseen issues do arise, we aim to address them collaboratively and present a complete, balanced view in our reporting – avoiding premature concerns.

Early identification and resolution of risks and uncertainties ensures a smoother compliance process.

Our extensive experience in monitoring includes:

ring-fencing and hold-separate obligations under the Competition and Markets Authority's (CMA) initial enforcement order
hold-separate and preservation obligations pending a divestment
divestment processes and preparing purchaser approval reports
post-closing obligations and ongoing arrangements between sellers and purchasers
long-term behavioural obligations including market opening measures, investment, pricing, fair, reasonable, and non-discriminatory (FRAND) terms, ring-fencing and licensing.

You can expect diverse solutions from our wealth of specialist skills and sector experience in competition-related and other regulatory matters. Our team ensures your obligations are met and compliance is clearly demonstrated.

On multi-jurisdictional matters, you'll also benefit from the global reach of our international network of member firms.

Examples of scenarios we can support you with:

01 Merger control

Independent auditor and monitoring trustee for confirming compliance with merger regulators’ undertakings
Appointed during investigations to preserve the ability to impose remedies if required
Obligations include hold-separate, divestment, and behavioural measures

02 Anti-trust and market investigations

Independent monitor for confirming compliance with undertakings to settle antitrust and market investigations
Obligations often involve long-term behavioural measures, including access remedies, governance, and hold-separate requirements

03 Foreign investment

Independent monitor confirming compliance with undertakings provided on national security grounds
Supervisor for compliance with post-offer undertakings to the Takeover Panel
Obligations include divestment, governance, and ring-fencing measures

04 Subsidy control or state aid

Independent monitor confirming compliance with state aid restructuring commitments, including the monitoring of restructuring plans, with extensive experience in bank state aid restructuring
Advising on structuring government funding to comply with commercial market operator principles (UK) and market economy operator principles (EC)

05 Sanctions, bribery and corruption

Independent monitor for compliance with deferred prosecution agreements
Monitoring adherence to financial sanctions, including payment regulations

06 Consumer protection and regulated industries

Independent monitor to ensure compliance with consumer measures including those arising under the Digital Markets, Competition and Consumer Act (UK) and Digital Markets Act (EC)
Monitoring other regulatory undertakings, including those from water services regulator
Obligations include hold-separate, divestment, and behavioural measures

In addition, we can provide competition compliance advice including assisting clients in the design and implementation of hold-separate and ring-fencing structures, the design and implementation of remedies, and supporting compliance with competition law including the Digital Markets, Competition and Consumers Act 2024.

Case study

Monitoring trustee in CMA secondary ticketing merger

The challenge

In 2020, the CMA investigated a merger in this sector. We were appointed to monitor compliance with hold-separate obligations amid pandemic-related business disruption.

The solution

We focused on monitoring cashflow to ensure the businesses had sufficient funding and monitoring business changes to ensure long-term viability were preserved.

The results

Our work ensured compliance was maintained during major disruption, while also reassuring the CMA of the parties’ ability to meet obligations and implement remedies.

Case study

Monitoring trustee in a bank state aid restructuring

The challenge

After receiving EC, IMF and ECB state aid during the financial crisis, the bank had to undergo a significant restructuring and adhere to a number of behavioural commitments.

The solution

We created a consistent interface with the bank, coordinating secure stakeholder reporting. Our banking expertise, and collaboration with member firms were key to this.

The results

We supported the bank in demonstrating compliance through strong governance. We mediated between stakeholders to resolve disputes efficiently, ensuring regulatory compliance.

Case study

Complex quasi-behavioural remedy in EC telecoms merger

The challenge

To address competition concerns, parties had to divest assets and deliver roaming services while merging networks, relying on cooperation with each other and the upfront buyer.

The solution

We held regular meetings with both parties to track progress, clarify delays, and resolve issues collaboratively, avoiding the need for formal dispute procedures.

The results

Our proactive and balanced approach ensured timely service delivery, full compliance with commitments, and avoided the need for fast-track resolution procedures.