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The UK Competition and Markets Authority sets out its provisional approach to implement the new Digital Markets competition regime
On 11 Jan 2024, the UK CMA outlined its provisional approach to the new Digital Markets regime, offering clarity on the upcoming DMCC Bill.
Zoe Bartlett Senior Associate 17 January 2024
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German Court Rules on Disclosure of Trade Secrets in Competition Law Investigations
In a landmark decision, the German Federal Supreme Court has adjudicated on the balance between the need for transparency in competition investigations and the protection of a party's trade secrets.
Johannes Lüer Senior Associate 22 February 2024
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Singapore passes the Significant Investments Review Act 2024 to regulate investments in critical entities
Singapore passes new law to regulate significant investments into entities critical to Singapore's national security, including "calling-in" powers against persons who have acted against Singapore's national security interests.
Ivan Chan Counsel 13 March 2024
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Antitrust fine of the German FCO for resale price maintenance
On 13 March 2024, the German Federal Cartel Office ("German FCO") announced that it fined an Austrian manufacturer of protective clothing for vertical price-fixing.
Arne Gayk Senior Associate 18 March 2024
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EU Court Advocate General recommends overturning the European Commission’s policy on Article 22 EU Merger Regulation referrals
In his opinion in the Illumina / Grail case, the Advocate General expressed the view that Member States may not refer a merger to the EU Commission for review where they have no competence to review the merger under national law.
Patricia Trapp Associate 8 April 2024
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The UK Government is considering national security screening of outbound investments
The Government has announced that it is exploring how to mitigate national security risks that may arise from a "very small proportion" of outbound investments, including use of its powers under the National Security and Investment Act (NSIA). Separately, it has set out a series of intended reforms of the NSIA regime.
Sue Hinchliffe Partner 19 April 2024
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U.S. Federal Trade Commission Approves Rule Banning Most Non-Competes
On April 23, 2024, the U.S. Federal Trade Commission ("FTC") voted 3-2 to approve a rule that, with limited exceptions, prohibits employers from entering into or enforcing existing non-compete provisions with employees.
Brian Concklin Partner 30 April 2024
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A new dawn for merger control in Australia: Major reforms confirmed
The Australian Government has announced significant reforms to Australia's merger control laws that will introduce a single mandatory and suspensory administrative merger regime which are anticipated to commence on 1 January 2026.
Elizabeth Richmond Partner 2 May 2024
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Australian Foreign investment review board (FIRB) policy focussed on a risk based approach
The new FIRB policy seeks to streamline the screening process for 'lower-risk' investments, while increasing scrutiny of investments in sensitive sectors such as critical infrastructure, minerals and technology, and investments that have access to sensitive data.
Mark Currell Managing Partner, Australia 8 May 2024
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First in-depth investigation for M&A under FSR in Europe
The European Commission has launched its first ever in-depth investigation into foreign subsidies for an M&A transaction. The probe is also the first Phase II review under the Foreign Subsidies Regulation regime not affecting a Chinese business.
Anastasios Tomtsis Partner 12 June 2024
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The French Competition Authority assesses below-threshold mergers under rules on anti-competitive agreements for the first time
In an unprecedented decision issued on 2 May 2024, the French Competition Authority ("FCA") examined, for the first time, whether a series of mergers that had fallen below the EU and national merger control notification thresholds and had thus not been subject to an ex-ante review by the European Commission ("EC") or the FCA, constituted anti-competitive agreements contrary to Article 101 TFEU.
Lara Niatti Avocat 25 June 2024
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€15.9 million for deleting compromising WhatsApp messages during an antitrust inspection
This is the first time the European Commission has imposed a fine for deleting messages exchanged via social media on a mobile device during a dawn raid. The Commission warns that it will not tolerate any action that could undermine the effectiveness of its investigations and will firmly punish any obstruction, including communications on mobile phones.
Ana Latorre Abogado 28 June 2024
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Key Insights from the German FCO Annual Report for 2023/24
The German Federal Cartel Office ("German FCO") published its Annual Report for 2023/24.
Lisa Rotterdam Associate 2 July 2024
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Second antitrust fine of the German FCO for resale price maintenance in 2024
On 2 July 2024, the German Federal Cartel Office ("German FCO") announced that it has imposed fines totalling nearly EUR16 million on AVM Computersysteme Vertriebs GmbH ("AVM") for vertical price fixing with six electronics retailers.
Arne Gayk Senior Associate 3 July 2024
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Scrutinizing outbound investment: A closer look at treasury proposed rule on outbound U.S investments
On June 21, 2024, the U.S. Department of the Treasury ("Treasury") issued a Notice of Proposed Rulemaking (the "Proposed Rule" or "NPRM") to implement the August 9, 2023 Executive Order ("EO") and address "the national emergency declared by the President with respect to the national security threat posed by countries of concern developing technologies that are critical to the next generation of military, intelligence, surveillance, or cyber-enabled capabilities."1 As the Treasury Press Release and Fact Sheet describe, the Proposed Rule lays out draft regulations to establish a national security program. This program would either prohibit or require notification of certain types of outbound investments by "U.S. persons" into certain industries in so-called "countries of concern," currently defined as the People's Republic of China ("PRC"), Hong Kong, and Macau or otherwise involving "Covered Foreign Persons." Comments on the Proposed Rule are due by August 4, 2024.2
Megan Gordon Partner 10 July 2024
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First appeal against FSR dawn raids: Nuctech's main arguments have been published
The EU General Court has published the main arguments of Nuctech's actions against the European Commission's first ever dawn raid under the FSR, including inter alia the unlawful request to provide information located outside the EU and the infringement of Chinese law.
Caroline Scholke Counsel 12 July 2024
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Sustainability as a guiding principle of competition law? The Advisory Board of the German Federal Ministry for Economic Affairs and Climate Action says no
According to the recent report of the Scientific Advisory Board of the German Federal Ministry for Economic Affairs and Climate Action, categorizing sustainability as a guiding principle of competition law would unduly politicise the work of national competition authorities. Instead, politics should focus on this issue. Current competition law instruments already available - such as the European Commission's Horizontal Guidelines - could additionally promote sustainability efforts, if needed.
Anne Filzmoser Counsel 30 July 2024
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Exposed: details of Australia's new mandatory merger regime emerge from draft legislation
The Australian Government has released the draft of Australia's new mandatory merger control regime – shedding light on the new regime which was announced by Treasury earlier this year.
Elizabeth Richmond Partner 31 July 2024
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AG Medina's September 5, 2024 opinion in Android Auto: about access of apps to dominant digital platforms and the extent to which a dominant platform must actively enable support of third party apps
On September 5, Advocate General ("AG") Laila Medina issued her opinion in an Alphabet/Google ("Google") case before the Court of Justice ("CJEU") by way of preliminary ruling request concerning litigation about the Italian competition authority's 2023 Android Auto decision. Bottom line: AG Medina proposes that the CJEU rule that limiting access of apps to a dominant platform conceived to be open to apps can be an abuse, without having to show that the existing EU case law criteria of a "refusal of access" abuse (such as indispensability and likelihood of elimination of all competition) are met. That position, if adopted by the Court, could make it easier for authorities to bring cases against digital platforms (including but not limited to Google) for inhibiting access to the platform, to the benefit of independent app providers. Separately, the CJEU also ruled on September 10 in another Google case before the CJEU (Google Shopping).
Dieter Paemen Partner 11 September 2024
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The new UK regime for enforcement of consumer protection laws: how will it affect your business?
A new UK law is set to raise the risk profile of consumer protection law compliance – for UK companies and for all businesses whose products or services are supplied to consumers in the UK.
Michael Grenfell Partner 16 September 2024
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Learnings from the first FSR clearance subject to remedies: the e& / PPF case
The European Commission ("Commission") has conditionally approved the acquisition by e& of control over parts of the PPF Group, following its first M&A related in-depth investigation under the Foreign Subsidies Regulation ("FSR").
Georgios Yannouchos Counsel 26 September 2024
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Belgium publishes its first Annual Report on foreign direct investment (FDI) screening
The Annual Report demonstrates that Belgium is playing an active role in analysing foreign investments: 68 notifications were filed and processed between 1 July 2023 and 30 June 2024 ("Relevant Period").
Jonathan Blondeel Counsel 3 October 2024
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The UK's National Security and Investment Regime: Key insights from the Annual Report 2023-24
On 10 September 2024, the UK Cabinet Office released its annual report on the operation of the UK National Security and Investment ("NSIA") regime for the period covering 1 April 2023 – 31 March 2024 (here). The Annual Report provides aggregated data on the operation of the regime, including insights into the sectors that are potentially subject to greater scrutiny.
Nissim Massarano Senior Associate 18 October 2024
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Antitrust fine imposed in Germany on Strabag AG for bid rigging
On 6 November 2024, the German Federal Cartel Office ("German FCO") announced that it has imposed a fine of EUR 2.79 million on Strabag AG ("Strabag") for collusive tendering (so called bid rigging) in relation to the renovation of Cologne's Zoobrücke bridge.
Lisa Rotterdam Associate 11 November 2024
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European Commission issues its Annual Report: Key insights on FDI Screening Activities in the EU in 2023
In the context of heightened geopolitical tensions and persisting challenges affecting the EU economy, the European Commission ("Commission") published on 17 October 2024 its fourth annual report on EU foreign direct investment (“FDI”) screening, providing an overview of enforcement activities and legislative developments in the EU in 2023.
Hendrik Coppoolse Avocat 19 November 2024
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New UK consumer protection rules for subscription contracts: UK Government consultation
Businesses offering subscription services to UK consumers will need to comply with new laws on subscription contracts in force from Spring 2026. The Government is consulting on proposed regulations.
Michael Grenfell Partner 25 November 2024
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Taking over employees can be subject to merger control, the German FCO says
On 29 November 2024, the German Federal Cartel Office ("German FCO") announced that hiring a team of employees of another business (so-called acqui-hires) may, under certain circumstances, be subject to German merger control.
Arne Gayk Senior Associate 2 December 2024
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KIA Auto ruling: top EU court sets a low bar for establishing anti-competitive effects in the context of warranty conditions
The ECJ's ruling on KIA Auto's warranty conditions confirms that it is sufficient to show potential anti-competitive effects in assessing whether a vertical agreement restricts competition in breach of the Article 101 TFEU prohibition on anticompetitive agreements. This ruling comes shortly after an active period for the ECJ in the area of vertical agreements, marked by the Booking judgment in September and the Super Bock case in June of 2023.
Amy Ryan Senior Associate 12 December 2024
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The UK's National Security and Investment Act 2021: Learnings from the Final Orders issued in the first 12 months
In the first 12 months of the UK's new national security regime, 14 transactions have been subject to Final Orders, including 5 prohibitions, 9 conditional clearances and 8 deals with a connection to China.
Aniko Adam Counsel 4 January 2023
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FTC Proposes Sweeping Ban on Noncompete Clauses
The FTC proposed a rule that departs from decades of legal precedent and ignores procompetitive justifications by looking to ban noncompetes in almost every situation.
Sung Shin Associate 11 January 2023
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Outbound Investment Among the Biden Administration's 2023 Priorities The Biden Administration has once again signalled to the creation of an outbound investment review mechanism and provided federal funding to the U.S. Departments of Commerce and Treasury to consider establishing the regime. 16 January 2023 Read more
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Imputation of liability and treatment of exclusivity under the EU prohibition on abuse of dominance
In its January 2023 Unilever Italia judgment, the European Court of Justice ("ECJ") ruled on two important practical aspects of the application of the EU prohibition on abuse of dominance under Article 102 TFEU.
Dimitri Slobodenjuk Partner 1 February 2023
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OECD sheds light on two years of EU FDI screening mechanism
In its report published two years after the EU FDI screening mechanism came into force, the OECD identifies benefits of the mechanism but also lists 12 issues that any reform could addresses as a priority
Dimitri Slobodenjuk Partner 7 February 2023
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The CMA cannot compel foreign parents with no UK connection to provide information
The UK Competition Appeal Tribunal (CAT) has ruled that the Competition and Markets Authority (CMA) has no power to compel responses to information requests from foreign parent companies with no connection to the UK, other than their UK-based subsidiaries.
Luke Tolaini Partner 9 February 2023
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French Court of Appeal overturns French Competition Authority decision on disparagement in the pharma sector
The Court of Appeal quashed the French Competition Authority's decision fining Novartis, Roche and Genentech EUR 444 million for abusing their collective dominant position, providing welcome clarity on the legal test to assess communications by pharmaceutical companies to the public and to health authorities.
Josh Kennion Senior Associate 27 February 2023
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Update from Brussels: New EU simplified procedure and filing forms
The European Commission has adopted new rules for the simplified procedure under the EU Merger Regulation and revised its notification forms. As of 1 September 2023, the new mechanism will inter alia allow a limited range of additional transactions to benefit from the simplified procedure.
Anne Filzmoser Counsel 9 May 2023
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US Department of Justice Faces Additional Setback in Criminal Antitrust Labour-Market Prosecutions
A recent acquittal in a criminal antitrust case marks another setback to the US Department of Justice's effort to use criminal prosecutions to address alleged anticompetitive conduct in labour markets.
Brian Concklin Partner 10 May 2023
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The UK's National Security and Investment Act 2021: UK Government publishes updated Market Guidance
The UK Government has published updated Market Guidance which provides some useful additional information on how the Government will exercise its powers under the NSI Act.
Jennifer Storey Partner 15 May 2023
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Clifford Chance responds to the CMA's consultation on its draft guidance on environmental sustainability agreements
We broadly welcome the UK Competition and Markets Authority's (CMA) proposed guidance on the application of the law on anticompetitive horizontal agreements to environmental sustainability agreements (Draft Guidance). In our response to the consultation, we highlighted some additional areas that the Draft Guidance could usefully cover to provide businesses with greater certainty.
Nissim Massarano Senior Associate 16 May 2023
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FAQs on the Pre-Consultation Procedures under the Chinese National Security Review Regime
Foreign investments into China are increasingly subject to China’s national security review (NSR) regime. In this blog, we share FAQs regarding NDRC pre-consultation procedures for NSR purposes.
Yong Bai Partner 5 June 2023
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EU Foreign Subsidies Regulation: Insights from the European Commission's Q&A
The European Commission has published a Q&A document for the EU Foreign Subsidies Regulation (FSR) clarifying, among other points, that a filing is required for any qualifying transaction which signs on or after 12 July 2023, but which has not closed by 12 October 2023.
María Begoña Barrantes Senior Counsel 7 June 2023
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The Broad Scope of the Romanian FDI Screening Regime
The scope of the Romanian FDI law is quite extensive as a large number of activities may be considered to relate to relevant sectors for FDI screening.
Eleonora Udroiu Counsel 13 June 2023
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The UK's National Security and Investment Regime: Key insights from the Annual Report 2022-23
On 11 July 2023, the UK's Investment Security Unit ("ISU") released its annual report on the operation of the UK National Security and Investment ("NSIA") regime for the period covering 1 April 2022 – 31 March 2023 (here). The Annual Report provides aggregated data on the operation of the regime, including insights into the sectors that are potentially subject to greater scrutiny.
Jennifer Storey Partner 17 July 2023
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Senate Passed Amendment to the 2024 NDAA to Increase Oversight of Outbound Investment
The United States continues to take increasing measures to monitor outbound US investment.
Renee Latour Partner 2 August 2023
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UK Tribunal's first Subsidy Control judgment refuses to recycle State aid jurisprudence
In the first case heard by the UK's Competition Appeal Tribunal (CAT) under the Subsidy Control Act 2022 (SCA), the CAT has thrown into doubt the notion of "cross-subsidisation" and has shown itself willing to take its own UK-focussed approach to subsidy control law.
Nissim Massarano Senior Associate 21 August 2023
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Revealed: Possible thresholds for proposed mandatory merger filing regime in Australia
Transactions involving companies with turnover of AUD$400 million or a transaction value of more than AUD$35 million would trigger a mandatory ACCC merger filing under proposed ACCC reforms to the Australian merger notification regime.
Elizabeth Richmond Partner 22 August 2023
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First gatekeepers designated under the EU Digital Markets Act and required to comply with Digital Services Act
The European Commission (Commission) has designated six businesses as "gatekeepers" under the EU Digital Markets Act (DMA), in respect of 22 different "core platform services" that they provide. This follows the earlier designation of the same businesses, plus a number of others, under the EU Digital Services Act (DSA), which is now fully applicable to those businesses.
Ana Hergouth Senior Associate 13 September 2023
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Geo-blocking practices for video gaming clearly regarded as restricting competition in the EU
In January 2021, the European Commission ("EC") fined Valve and five video game publishers EUR 7.8 million for geo-blocking practices.
Last week, the General Court upheld the EC's characterisation of geo-blocking practices restricting cross-border sales of certain PC games based on the geographical location of users in the EEA as being a "by object" restriction of competition violating Article 101(1) TFEU.
Carmen Puscas Counsel 6 October 2023
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UK Government Launches a Review of the Scope of the National Security and Investment Regime
On 13 November 2023, the UK Government launched a "Call for Evidence" on whether there should be updates to the UK National Security and Investment Act ("NSIA") regime (the press release is here). For the most part, the Call for Evidence indicates a desire to reduce the scope of the regime, as well as to add clarity and certainty. However, it appears likely that the scope of certain sectors will widen, and the filing forms may be lengthened.
Nissim Massarano Senior Associate 28 November 2023
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The French Competition Authority fines Rolex EUR 91 million for prohibiting its authorised retailers from selling its watches online
The French Competition Authority (the "FCA") has fined Rolex France (jointly and severally with Rolex Holding SA, the Hans Wilsdorf Foundation, and Rolex SA) for prohibiting its distributors from selling Rolex watches online for over ten years. The FCA deems this restriction on online sales as a vertical agreement limiting competition and rejects Rolex's argument that it was necessary to combat counterfeiting and parallel trade. The FCA imposed a fine of EUR 91.6 million on Rolex France and ordered Rolex to publish a summary of the decision on various digital and print channels, as well as to share it with authorised retailers. This fine is the highest imposed to date by the FCA in relation to online sales restrictions in vertical agreements.
Sabra Ferhat Counsel 22 December 2023
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CMA updates penalty setting guidance for competition investigations
The UK's Competition and Markets Authority (CMA) has issued revised guidance on penalty setting in Competition Act cases. The revised guidance suggests an appetite to issue larger fines going forward.
Nissim Massarano Senior Associate 3 January 2022
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EU Whistleblower Protection Directive: safeguarding effective access to leniency
The increased protection of employees who report antitrust infringements may impact companies' ability to identify antitrust breaches and successfully apply for immunity from fines.
Aleksander Tombiński Partner 13 January 2022
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Extension of Australia's national security investment protections
An expansion to Australia's critical infrastructure legislation sees an extension to the scope of the foreign investment restrictions applying to national security businesses.
Alexander Duffy Senior Associate 17 January 2022
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U.S. Federal Trade Commission Announces Updated HSR Act Thresholds And Maximum Civil Penalty Amounts
The revised thresholds affect which transactions are required to file pre-merger notifications with the U.S. antitrust authorities and determining the filing fees parties to a transaction must pay.
Julius Pak Associate 14 February 2022
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U.S. DOJ, FBI to Focus on Collusive Conduct Related to Supply Chain Disruptionsd
The Department of Justice has announced that it would be working with domestic and international partners to further scrutinize collusive conduct relating to the ongoing pandemic-related supply chain issues.
Brian Concklin Partner 21 February 2022
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Should foreign investors be concerned about the new National Security Review measures in China?
In this note, we intend to share our practical experience over the past year in helping clients navigate through the new Chinese National Security Review (NSR) regime.
Yong Bai Partner 8 March 2022
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Japan Fair Trade Commission issued a report on potential antitrust issues relating to IPOs in Japan
The JFTC indicates that it may be anti-competitive if a lead manager suggests issuers a very low offering price without enough explanation to the issuers.
Masafumi Shikakura Partner 16 March 2022
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Digital Markets Act: European Parliament and Council seal the deal
The EU has reached agreement on the Digital Markets Act (DMA), the new EU legislation regulating online services. Companies designated as "gatekeepers" will likely need to comply with the DMA's prohibitions and obligations in the second half of 2023.
Ana Hergouth Senior Associate 25 March 2022
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Antitrust class actions: UK Tribunal's judgment in first opt-out class carriage dispute
On 31 March 2022, the Competition Appeal Tribunal (“CAT”) handed down an important judgment regarding antitrust collective proceedings in the UK. The Tribunal considered three issues: (1) whether the Tribunal should permit the collective proceedings to proceed (the “Certification Issue”); (2) if so, whether they should proceed on an opt-in or an opt-out basis (the “Opt-in vs Opt-out Issue”); and (3) which proposed class representative (“PCR”) should be permitted to take the collective proceedings forward (the “Carriage Issue”).
Ben Jasper Partner 7 April 2022
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Polish FDI control - Status Quo.
Although almost two years have passed since the introduction of the general foreign direct investment ("FDI") control regime in Poland, there have only been a handful of cases and no comprehensive practice has been established yet.
Iwona Terlecka Counsel 26 April 2022
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CMA not immune from costs orders says Supreme Court
On 25 May 2022, the Supreme Court handed down an important judgment relating to appeals against decisions by public authorities (Pfizer and Flynn v CMA [2022] UKSC 14) (here).
Luke Tolaini Partner 27 May 2022
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Failure to notify and gun jumping: the French Competition Authority fines both infringements in one decision for the first time
In a decision 22-D-10 from 12 April 2022, the French Competition Authority ("FCA") fined Cofepp €7 million (approx. 1% of its turnover generated in France in 2020), for both failing to notify its acquisition of Marie Bizard Wine & Spirits ("MBWS") and completing the merger ahead of clearance.
Salome Haddou Avocat 30 May 2022
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The UK's national security and investment regime: Key insights from the first quarter
On 16 June 2022, Business Secretary Kwasi Kwarteng published the government's first annual report on the UK's national security and investment regime.
Josh Kennion Senior Associate 20 June 2022
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Belgium: Agreement on a new cross-sector foreign investment screening mechanism
The Belgian governments have reached a cooperation agreement to put in place a foreign investment screening mechanism to safeguard Belgium's critical infrastructure.
Jonathan Blondeel Counsel 21 June 2022
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EU General Court annulled the EC's decision imposing a near-billion euro fine on Qualcomm
The judgment is a rare full annulment in an abuse of dominance case, and the first of an Article 102 TFEU decision adopted by Commissioner Margrethe Vestager
Sabra Ferhat Counsel 14 July 2022
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New market guidance on UK national security filings
On 19 July 2022, the UK Department for Business, Energy & Industrial Strategy ("BEIS") published new market guidance notes in relation to the National Security and Investment Act 2021 (the "NSIA").
Aniko Adam Counsel 25 July 2022
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U.S. Lawmakers Seek to Establish Outbound Investment Review Regime
Recent legislative developments indicate that an investment review mechanism similar to CFIUS may soon apply to U.S. outbound investments. If adopted, U.S. persons and entities interested in investing overseas may need to go through a "reverse CFIUS" process before engaging the outbound transactions.
Renee Latour Partner 30 August 2022
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CMA's 'Wide Most Favoured Nation' Decision Overturned in the Compare the Market Case
The UK's Competition Appeal Tribunal (CAT) overturned the Competition and Markets Authority's (CMA) "most favoured nation clauses" decision in the Compare the Market (CTM) case (Decision).
Nissim Massarano Senior Associate 1 September 2022
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Fortifying Existing Measures: A New Executive Order for CFIUS Reviews
President Biden's new Executive Order strengthens existing CFIUS review standards and highlights the focus on US national security.
Renee Latour Partner 28 September 2022
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The CNMC imposes gun jumping fines for failure to notify transactions meeting the Spanish market share threshold
Companies should be cautious and carry out reasonable assessments prior to disregarding the need to notify a transaction based on the Spanish market share threshold
María Begoña Barrantes Senior Counsel 21 September 2022
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Recent amendments to the Italian Golden Power regime: the pre-notification procedure
The Italian government has (finally) introduced a prenotification procedure in the Italian investment screening mechanism, which allows companies to obtain a preliminary assessment on the applicability of the Italian Golden Power regulation to proposed transactions.
Luciano Di Via Partner 23 September 2022
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The Digital Markets Act has been published in the Official Journal
The Digital Markets Act (DMA), the novel regulatory regime for large digital companies - the so-called gatekeepers - has been published in the Official Journal (OJ) of the European Union today.
Ana Hergouth Senior Associate 12 October 2022
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UK Government announces Subsidy Control Act will come into force on 4 January 2023
From 4 January 2023, certain subsidies must be notified to the Competition and Market Authority's Subsidy Advice Unit, and subsidy decisions by public authorities can be appealed to the UK's Competition Appeal Tribunal.
Nissim Massarano Senior Associate 21 October 2022
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The unusual features of the European Commission's Decision in the video game geo-blocking case
The Decision illustrates the Commission's renewed determination to encourage cross-border trade of digital sector products and services and copyrighted works.
Sabra Ferhat Counsel 27 October 2022
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The UK National Security & Investment Act: Application to foreign transactions
Acquisitions of overseas entities and assets could be caught by the new UK national security regime which is due to come into force fully on 4 January 2022.
Aniko Adam Counsel 9 September 2021
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German FDI: Exemption from the closing prohibition for transactions via a stock exchange
The German government introduced a new exemption from the closing prohibition for transactions which are conducted via a stock exchange.
Dimitri Slobodenjuk Partner 9 September 2021
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Secretary of State intervenes in the acquisition of UK graphene firm on national security grounds
The acquisition by Taurus of Welsh advanced materials firm Perpetuus is the latest in a flurry of on-going formal and informal national security reviews in the UK.
Aniko Adam Counsel 22 September 2021
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New Luxembourg draft bill introducing a framework for the screening of foreign direct investments
Luxembourg is adopting a framework for the screening of foreign direct investments in a Luxembourg entity exercising a critical activity in Luxembourg likely to affect security or public order.
Ada Schmitt Partner 19 October 2021
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Some statistics from the German Federal Cartel Office (FCO)
The FCO published its annual report for 2020/2021. Key takeaways: A further decline of merger control cases, fewer leniency applications and a focus on the digital economy.
Anne Filzmoser Counsel 4 October 2021
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Merger control and FDI interplay: Article 21 as a potential tool towards further convergence in FDI rules
The European Commission opened an investigation against Hungary for a potential breach of Article 21 of the EU Merger Regulation following Hungary's veto of VIG's acquisition of AEGON's Hungarian subsidiaries under its Foreign Direct Investment ("FDI") screening regime.
Georgios Yannouchos Counsel 22 November 2021
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Germany - The new coalition agreement: More progress in competition law?
The coalition agreement of the new government in Germany has the title "Daring more progress. Alliance for freedom, justice and sustainability". What does it mean for the future of competition law in Germany?
Arne Gayk Senior Associate 20 December 2021
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Spain extends the suspension of liberalisation of investments by EU/EFTA investors to 2022 year end.
Spain extends the suspension of liberalisation of certain investments by EU/EFTA investors to 2022 year end, considering the measure justified due to the economic context created by the Covid-19 crisis.
Carme Briera Senior Counsel 13 December 2021
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Dutch Government proposes expansion of FDI screening regime and update on screening in the energy sector
The scope of the Dutch foreign direct investment ("FDI") regime is envisaged to be expanded to add further technologies to the 'highly sensitive' classification list included in the Decree on the Scope of Application of Sensitive Technologies (Besluit toepassingsbereik sensitieve technologie, the "Decree"). This is expected to result in more M&A transactions being subject to suspensory notification requirements with the Investment Screening Office (Bureau toetsing investering, "BTI"). In addition, the sector-specific investment screening for the energy sector will be updated, the notification threshold will be lowered, and the capacity of plants managed by the same company will be aggregated. As a result, this is also anticipated to capture more investments.
Jurre Jurriëns Counsel 21 January 2025
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UK Government's Draft Strategic Steer to the Competition and Markets Authority: Don't Deter International Investors
On 13 February, the UK Government published a draft 'Strategic Steer' for the CMA, focusing on supporting economic growth through faster, more transparent investigations.
Jennifer Storey Partner 13 February 2025
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The French Competition Authority assesses potential new tools to review below-threshold mergers
On 14 January 2025, the French Competition Authority ("FCA") launched a public consultation to gather feedback on the introduction of a merger control framework to catch transactions likely to harm competition but falling below national notification thresholds.
Lina Kefi Avocat 5 March 2025
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Webinar on Global Merger control trends in 2025 and the impact of changes at enforcement agencies
Antitrust authorities in the US, UK and the European Union are signalling changes in their approaches to clearing mergers. As a result, some deals may have better prospects of clearance. In particular, agencies may be prepared to give more weight to pro-competitive efficiencies and supply chain resilience considerations as well as be more open to a wider range of remedies than in the past.
Philipp Girardet Partner 21 March 2025
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Netherlands' ACM to obtain powers to call in below-threshold mergers
Since not too long after his entry into office in 2018 as the Chairman of the Dutch competition authority (the Authority for Consumers and Markets, the ACM), Martijn Snoep has consistently been asking for a power to call in transactions that do not meet the thresholds for a mandatory merger control notification ("below threshold" mergers). On 18 March 2025, a legislative proposal (the "Proposal") has been issued for consultation that will finally grant the ACM with the competence to call in such transactions, provided these result in a significant impediment to effective competition in the Netherlands, or a part thereof.
Jurre Jurriëns Counsel 31 March 2025
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The Court of Appeal Sheds Additional Light on the UK's Subsidy Regime
In the first case heard by UK's Court of Appeal (CoA) under the post-Brexit subsidy control regime, the CoA's judgment overturned the Divisional Court (DC) on the issue of delayed commencement of proceedings, but ultimately upheld the substance of the DC's judgment on the appropriate standard of review and the application of the principles under the UK subsidy control regime.
Nissim Massarano Senior Associate 10 April 2025
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Emerging Trend In Antitrust Enforcement
We have spotted an emerging micro-trend in government enforcement that involves a somewhat novel use of federal and state laws prohibiting conspiracies that unreasonably restrain trade and could affect clients across a wide range of sectors. Clients should be aware of this development and take steps now to prepare for potential investigations and litigation.
Joseph Ostoyich Partner 22 April 2025
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Ain't no place like home – NSIA, the UK Government, and the Defence Sector
In a recent trend, the UK Government has issued three final orders under the National Security and Investment Act 2021 concerning the defence sector, imposing obligations on the parties to keep certain defence capabilities in the UK.
Nissim Massarano Senior Associate 12 May 2025
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Hot off the press: proposed changes to the UK's media merger control regime announced
The UK has proposed important changes to its media merger control regime, broadening its applicability, while also providing limited exemptions for foreign state ownership of newspapers.
Aniko Adam Counsel 19 May 2025
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Beevers Kaas / Albert Heijn ruling: top EU court sets high standards for protection of exclusive distribution arrangements
The European Court of Justice (ECJ) has clarified the conditions that must be met for a ban on active sales designed to support an exclusive distribution arrangement between a supplier and a distributor to be valid under EU competition laws. In particular, it is necessary to show that the active sales restriction is explicitly included in a contractual arrangement with the suppliers’ other distributors, or at the very least, that the supplier has invited the other distributors not to engage in active sales in the exclusive territory and this has been (at least tacitly) acquiesced by the other distributors.
Amy Ryan Senior Associate 19 May 2025
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Competition Cooperation Agreement between the EU and the UK
On 19 May 2025, the European Commission ("EC") published a proposed agreement between the European Union and the United Kingdom regarding cooperation on the application of their competition laws ("UK agreement") to promote coordination in competition matters and enhance the effective enforcement of the parties' respective competition laws.
Edmund James Melzer Associate 27 May 2025
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Australian Treasury Releases Proposed Fees Under New Merger Regime
On 5 June 2025, the Australian Treasury released a consultation paper proposing the new fees payable under Australia’s forthcoming mandatory merger control regime. Under the proposed phased cost-recovery model, notifying parties may be required to pay fees up to AUD 1.4 million, depending on the complexity and phase of the review.
Ryan Draper Counsel 11 June 2025
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JFTC Publishes Interim Report on Generative AI, Identifying Potential Antitrust Issues
On 6 June 2025, the Japan Fair Trade Commission ("JFTC") released an interim report on generative AI, identifying problematic practices and potential antitrust issues such as access restrictions and tying.
Yuki Hoshinaga Senior Associate 20 June 2025
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From Inquiry to Action: The Final DPSI Report and the Future for Digital Platforms in Australia
On 23 June, the Australian Competition and Consumer Commission (ACCC) released their tenth and final report (Report) of its 5-year Digital Platform Services Inquiry (DPSI) concluding a total 8 years of ACCC's investigation into digital platforms, across 3 inquiries, 14 reports, and 35 recommendations. The ACCC received and considered around 293 public submissions over the course of the DPSI.
Ryan Draper Counsel 1 July 2025
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Highlights of German Antitrust Law Enforcement in 2024/25
On 9 July 2025 the German Federal Cartel Office ("FCO") has released its Annual Report for 2024/25, emphasising once again the importance of competition in driving economic growth and innovation. Going forward, the FCO remains committed to vigilant oversight and proactive measures to uphold competitive markets.
Edmund James Melzer Associate 11 July 2025
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UK High Court upholds NSIA order to divest on national security grounds
A China-linked acquirer has lost a court appeal against a UK Government national security divestment order. The case gives guidance on timings under the National Security and Investment Act (NSIA) process and on the reasoning needed in decision-making.
Joseph Sherlock Lawyer 4 August 2025
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The Signalling Effect: Assessing EU Antitrust Risk in Public Communications and Earnings Calls
The recent European General Court judgment in T/188-24 – Michelin v Commission highlights the growing antitrust risks associated with public communications, including in the context of earnings calls and investor presentations.
Deepaloke Chatterjee Senior Associate 19 August 2025
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German Federal Court of Justice Broadens "Substantial Operations in Germany" Test for Merger Control
Processing data of German end-users can amount to a local activity, so bringing a merger within the jurisdiction of the German merger control regime, even when the processing is performed for non-German customers. The Federal Court of Justice's Meta/Kustomer ruling significantly widens the scope of Germany's transaction-value threshold and has important implications for cloud- and data-driven businesses.
Johannes Lüer Senior Associate 4 September 2025
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Second Annual Report on foreign direct investment (FDI) screening in Belgium published
Belgium's FDI authority, the Interfederal Screening Committee ("ISC"), published its Annual Report on the screening of foreign direct investments during the period from 1 July 2024 to 30 June 2025. The Report highlights the continued evolution and growth of Belgium’s FDI screening regime in its second full year of operation.
Octave (Henri Pascal) Schyns Lawyer/Solicitor 22 September 2025
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Another UK Subsidy Control Judgment – de-mystifying the commercial market operator test
The Competition Appeal Tribunal (Tribunal) in Weis v GMCA has provided welcome clarity on 'no subsidy' decisions and the importance of evidence in a public authority's assessment of whether a measure is granted on market terms and is therefore not a subsidy.
Aimee Westley Lawyer 22 September 2025
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New guidelines on foreign direct investment screening in the Netherlands
The Dutch investment screening authority (BTI) has published new guidelines clarifying when a company is considered “active” in sensitive technology and subject to foreign direct investment (FDI) screening. This brings much-needed clarity for investors in sensitive technology sectors while the regulatory landscape in the Netherlands and Europe continues to evolve.
Jotte J. Mulder Counsel 3 October 2025
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ACM's new powers: Clarifying legality in Dutch M&A oversight
The Netherlands Authority for Consumers and Markets (ACM) can now review completed M&A transactions for abuse of dominance, including below-threshold transactions previously exempt from scrutiny, due to an amendment to the Dutch Competition Act. This change increases oversight of deals involving major companies.
Jotte J. Mulder Counsel 6 October 2025
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EU Sends Strong Signal With €157m Fines for Luxury Fashion Brands’ Anticompetitive Pricing Practices
On 14 October 2025, the European Commission (EC) imposed fines totalling €157 million on luxury fashion brands Gucci, Chloé, and Loewe for engaging in anticompetitive resale price maintenance (RPM) practices across the European Economic Area (EEA). This is another clear signal of strict enforcement against RPM practices across Europe and ongoing scrutiny of the retail, fashion, and luxury sector.
Alice Keunen Lawyer 20 October 2025
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The cookie doesn't crumble after all: UK competition authority releases Google's "Privacy Sandbox" commitments
The Competition and Markets Authority (CMA) released Google from its commitments and closed the four-year competition investigation, as a result of Google abandoning its plans to remove third-party cookies from its Chrome browser.
Aniko Adam Counsel 23 October 2025
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