On 25 September 2018, Covington’s Johan Ysewyn and Jim O’Connell will speak on cartels and merger enforcement, respectively, at the 12th Annual Georgetown Global Antitrust Enforcement Symposium in Washington DC. This Symposium serves as a leading forum for in-house and outside counsel, policymakers, corporate executives, economists and academics to discuss the most recent issues in … Continue Reading
The UK Government published its highly-anticipated technical guidance on merger review and anti-competitive activity on 13 September 2018 which will apply in the case of a ‘no-deal’ Brexit (the ‘Guidance’). Although brief, it provides market players with some form of practical advice and insights on what to expect, how cases are likely to be divided … Continue Reading
The German Monopolies Commission (Monopolkommission), an independent body advising the German federal government and legislature on competition law and policy, recently published its Twenty-second Biennial Report (“Report”) in which it outlined recommendations to adapt the German legal framework to account for what it characterized as new competition challenges faced by the increasing and irreversible digitisation … Continue Reading
On 5 September 2018, the District Court for the Southern District of California ruled that private equity firm Lion Capital must face trial in class action litigation alongside its portfolio company Bumble Bee Seafoods, in a case alleging price-fixing in the market for canned tuna. In the wake of the European Court’s judgment in the … Continue Reading
The Financial Conduct Authority (“FCA”) has published its third Annual Competition Report which focusses on its proposals for promoting competition and innovation, particularly with respect to the impact of FinTech on UK financial services. It also addresses the FCA’s ongoing role in supporting the UK Government prepare for Brexit, and uphold an orderly transition as … Continue Reading
On 23 August 2018, the UK government published a notice, committing the UK to a continued application of state aid rules even in the event of no deal being agreed with the EU on the UK’s withdrawal. The notice explains how EU state aid rules would be transposed into UK domestic legislation. The Competition and … Continue Reading
Compliance, and in particular competition compliance, remains at the top of in-house counsel’s agenda. In particular, compliance is fundamental to reducing competition law infringements – “prevention is better than cure” – but in-house counsel often face difficulties in getting the appropriate level of support and budget for effective competition law compliance. We have recently published … Continue Reading
The UK Payment Systems Regulator (PSR) has announced its intention to carry out a market review into the supply to merchants of card-acquiring services by financial services providers. In this Covington Alert, my colleagues Louise Freeman, Charlotte Hill and Elaine Whiteford look at the powers the PSR holds, why the review has been initiated and … Continue Reading
More than 20 years after the adoption of the first European Commission Leniency Notice, the detection and sanctioning of cartels remains a key feature of the enforcement agenda of the European Commission and – the currently still 28 – European Union national competition authorities. Leniency programmes are a crucial tool in uncovering cartels, with a large … Continue Reading
[Updated] On 1 August 2018, the German government was set to block a foreign investment in a German company under the new foreign direct investment (FDI) screening rules for the first time. However, the veto was not required as, on the same day, the Chinese investor withdrew from the deal. Companies involved in M&A activities … Continue Reading
Does the General Court’s recent ruling in Goldman Sachs/European Commission provide new guidance on the parent liability of financial investors in cartel cases? Yes and no. Yes, because it shows what will not suffice to avoid parental liability. No, because it is silent as to whether in fact and if so how a financial investor … Continue Reading
On 9 July 2018, the Economic Affairs Committee of the European Parliament (the “EP”) published a study identifying potential competition law concerns in the financial technology (“FinTech”) sector (the “Study”).… Continue Reading
Introduction On 11 June 2018, the European Commission (“Commission”) published DG Competition’s 2017 Annual Activity Report (“Report”) to provide an overview of its pursuit of its competition policy objectives and enforcement of EU competition rules in 2017. In its Report, the Commission indicates that it has continued to prioritise competition on the merits and that … Continue Reading
On 13 February 2018, the Spanish Markets and Competition Commission (“CNMC”) fined four major Spanish banks €91 million for colluding to fix the price of interest-rate derivatives (“IRDs”) attached to syndicated loans above market price. The decision is an additional indication that syndicated loans are increasingly coming under the scrutiny of competition authorities, after the … Continue Reading
On June 21, 2018, the European Commission (“Commission”) started a new investigation to determine whether so-called destination clauses in Qatar Petroleum’s liquefied natural gas (“LNG”) supply contracts with European buyers infringe the European Union (“EU”) antitrust rules.… Continue Reading
Introduction Gun-jumping has been in the spotlight this year both at the European level and in the UK. At the EU level, first there was DG Competition’s record fining of Altice of € 124.5m (here) and then the Court of Justice of the EU (“CJEU”) ruled on the scope of the EU law standstill obligation … Continue Reading
Introduction In a recent blog post where we reflected on DG Competition fining Altice a record € 124.5m for gun-jumping, we already anticipated the Ernst & Young P/S v Konkurrenceradet judgment where, for the first time, the Court of Justice of the EU (CJEU) provides guidance on the scope of the standstill obligation under the … Continue Reading
On 15 May 2018, Johan Ysewyn and Maria Jaspers (DG COMP) presented on recent major developments in the area of EU cartel enforcement at the Advanced Competition Law Conference in London. Their annual dual-presentation covered the traditional three pillars of enforcement, policy and court review. The topics covered in this latest instalment included: A review … Continue Reading
On 14 May 2018, Germany’s and Austria’s competition authorities published a draft guidance paper on the transaction value-based merger control thresholds which had been introduced last year. Under these new thresholds, a transaction has to be notified if the value of the consideration exceeds EUR 400 million in Germany / EUR 200 million in Austria, … Continue Reading
On April 25, 2018, the European Commission (EC) published its “Artificial Intelligence for Europe” communication (the Communication), in which it sets out a roadmap for its AI initiatives. Having acknowledged the crucial need for a boost of AI in the EU, the EC commits to supporting investment, (re)considering legislation and soft law initiatives, and coordinating … Continue Reading
Reflecting evidence from 280 witnesses from the government, academia and industry, and nine months of investigation, the UK House of Lords Select Committee on Artificial Intelligence published its report “AI in the UK: ready, willing and able?” on April 16, 2018 (the Report). The Report considers the future of AI in the UK, from perceived … Continue Reading
On 19 April 2018, the Court of Justice of the EU (CJEU) issued its judgment in MEO vs Autoridade da Concorrência, providing guidance as to what amounts to “competitive disadvantage”, an important element required to show abusive price discrimination under Article 102 of the Treaty on the Functioning of the EU (TFEU). The CJEU found … Continue Reading
The UK Government’s Department for Business, Energy and Industrial Strategy has just released a 75-page Green Paper on Modernising Consumer Markets, setting out the Government’s main priorities for the digital economy in a post-Brexit Britain. The Green Paper reflects on the current state of consumer markets and regulation, and lays down the key challenges and … Continue Reading
Germany’s Federal Supreme Court (Bundesgerichtshof – BGH) has now published its full judgment in EDEKA – wedding rebates (case KVR 3/17) on allegedly anti-competitive requests for preferential rebates and conditions by food retailers. For background on the preceding decisions of the Federal Cartel Office (Bundeskartellamt – BKartA) and Higher Regional Court of Düsseldorf (OLG Düsseldorf) … Continue Reading
