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CFIUS Scuppers Another Semiconductor Transaction The abandonment of the Wise Road Capital - Magnachip merger on CFIUS grounds sends a message that parties should not underestimate the scope of CFIUS jurisdiction or the depth of due diligence in the US FDI mechanism. 11 January 2022 Read more
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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 Lawyer 3 January 2022 Read more
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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 Counsel 13 January 2022 Read more
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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 Associate 17 January 2022 Read more
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New trends and consolidated practice in the protection and promotion of competition in Italy The Italian Competition Authority ("ICA") published its annual report for 2020/2021. Data show a significant increase in alternative enforcement tools as well as a special focus on digital markets. 17 January 2022 Read more
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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. Timothy Cornell Partner 14 February 2022 Read more
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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 Read more
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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 Read more
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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 Counsel - Head of Japan Antitrust 16 March 2022 Read more
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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 Lawyer 25 March 2022 Read more
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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 Senior Associate 7 April 2022 Read more
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Dutch cross-sector FDI-regime proposal passed with widespread political support in House of Representatives On the 19th of April 2022, the cross-sector foreign direct investment screening act ("Act", Wet veiligheidstoets investeringen, fusies en overnames) was passed in the Dutch House of Representatives (in Dutch: Tweede Kamer) without a dissenting vote and therefore with widespread political backing. The original proposal has already been discussed in detail here. Frans Muller Counsel 26 April 2022 Read more
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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 Read more
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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 Senior Associate 9 September 2021 Read more
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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 Read more
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FDI screening mechanism – heading to transatlantic stronger integration The EU Foreign Direct Investment Screening Regulation allowed for greater communication between EU Member States and with the European Commission. Following the launch in June 2021 of the EU-US Trade and Technology Council (TTC), integration will also be increased with the United States. Emily Xueref-Poviac Counsel 9 September 2021 Read more
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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 Senior Associate 22 September 2021 Read more
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French Competition Authority launches a public consultation on its new compliance programme framework document The French Competition Authority recently launched a public consultation on its new Framework Document on competition compliance programmes. The FCA recalls that a compliance programme will help companies prevent the risk of anticompetitive conducts but also detect possible infringements as early as possible, and effectively react. It then provides some concrete guidance on key elements of a robust compliance programme. Amélie Lavenir Counsel 29 October 2021 Read more
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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 Counsel 19 October 2021 Read more
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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 Senior Associate 4 October 2021 Read more
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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 Read more
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Netherlands: Introduction of new cross-sector FDI-regime On the 30th of June 2021, the Minister of Economic Affairs and Climate ("Minister") submitted a proposal for a cross-sector foreign direct investment screening act ("Act"). The proposed Act will serve as a review mechanism for investments that could pose a risk to the national security of the Netherlands. Frans Muller Counsel 8 November 2021 Read more
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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 Read more
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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 Dalmau Briera Counsel 13 December 2021 Read more