The European Union and the United Kingdom are finalizing a deal that would see competition regulators from both regions work more closely together under the auspices of a new trade and security deal, the Wall Street Journal reported. The European Commission said on Tuesday that the agreement would provide a clear framework for regulators on both sides of the English Channel to cooperate on competition matters in enforcing EU rules and provide that they would notify each other of important antitrust and merger investigations.
The agreement also allows regulators to coordinate cross-border investigations.
The European Commission said EU regulators and Britain's Competition and Markets Authority still need to obtain consent from companies to access confidential information.
This comes after the European Union and the United Kingdom signed an agreement on Monday to simplify trade and strengthen security cooperation, a move that will significantly improve their relationship since Brexit.
The European Union and the United Kingdom are both in the early stages of enforcing new antitrust laws aimed at reining in the market power of the world's most powerful technology companies.
Theresa Ribera, the EU's top antitrust enforcer, said: "This agreement demonstrates our shared strong commitment to continue working together to achieve effective and balanced competition enforcement in the digital sphere and beyond, and to ensure a level playing field in Europe."
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