There are a few tournaments like this in the UK. They're seen as the step between semi-contact jiu jitsu or submission grappling and full contact pro rules MMA.
One local to me is called 'Grapple & Strike' and has rules like no headshots on the ground & no elbows. The first G&S had more guys wearing gi's & were mat based, but more recently they've become more like pro MMA with a ring etc. Some guys here will cut their teeth on something like G&S before moving onto Cage Rage or Cage Warriors.
http://www.grappleandstrike.co.uk/