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Clifford Chance

Clifford Chance

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The virtue of a proportional response - an assessment of the CMA’s new penalty guidance

12 September 2022

Nissim Massarano discusses the CMA's updated Penalty Guidance, which provides the CMA with new levers to increase the level of penalties it imposes for breaches of competition law.  He argues that this new guidance inappropriately demotes considerations of culpability and the seriousness of the offence and, instead, focuses on deterrence.  Accordingly, the new regime will likely impose disproportionate penalties.

Nissim Massarano is an Associate in the London Antitrust Practice of Clifford Chance LLP. He is grateful for the valuable input provided by Partner Alex Nourry and Knowledge Director, Daniel Harrison.

This material was first published by Thomson Reuters, trading as Sweet & Maxwell, 5 Canada Square, Canary Wharf, London, E14 5AQ, in European Competition Law Review as The virtue of a proportional response - an assessment of the CMA's new penalty guidance, (2022) 43 E.C.L.R., Issue 9, page 411-416, and is reproduced by agreement with the publishers.

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