Chapter 8 on institutional reform written by Bruce Lyons notes that the period since 1998 has seen major changes in competition law, including: public interest was replaced by promotion of competition as the primary duty; anti-competitive agreements and abuse of a dominant position were prohibited, with significant penalties for breach; and the minister withdrew from case decisions, making the institutions determinative. There were also major organizational changes, including merger of the OFT and the Competition Commission to form the Competition and Markets Authority, and establishment of the Competition Appeal Tribunal as a specialist appeals body. In the chapter, Lyons considers the evolution of these institutions from the perspective of how they frame and influence the quality of first instance determinations. Institutions are hostages to their history, and he traces some of the problems faced by the CMA to its institutional roots. New challenges beyond its control are also identified. Reform is needed. The chapter concludes that some of the CMA’s suggestions for legislation are misguided, particularly in replacing its competition duty with ‘the consumer interest’ and reducing the standard of review by the CAT. Alternative proposals are appraised, including a potential change to a prosecutorial system. Lyons argues convincingly that genuinely independent decision-making within the CMA should be preferred and would permit a more limited standard of review.