A decline in deal mortality rates in 2025 was met with an increase in conditional merger control approvals. Antitrust authorities showed greater flexibility on remedies, with some demonstrating more openness to behavioral...more
3/2/2026
/ Acquisitions ,
Antitrust Division ,
Antitrust Provisions ,
CFIUS ,
Competition ,
Cross-Border Transactions ,
Department of Justice (DOJ) ,
Enforcement Actions ,
European Merger Control Regulation ,
Foreign Subsidies ,
Healthcare ,
Life Sciences ,
Merger Controls ,
Mergers ,
National Security ,
Private Equity ,
Supply Chain
Tech sector M&A remains in focus, although a more permissive merger control environment is leading to fewer frustrated deals and more conditional clearances. Transactions impacting areas of direct consumer spend (or...more
Merger remedies have bounced back. Less aggressive merger control enforcement means authorities are more willing to remedy antitrust concerns with conditions rather than challenging or blocking deals. Increasingly creative...more
Global foreign direct investment (FDI) regulation remains in flux. Some jurisdictions are keen to cut red tape to attract investment. But many FDI screening regimes are expanding in scope as governments increasingly focus on...more
3/2/2026
/ America First Trade Policy ,
CFIUS ,
China ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
EU ,
Foreign Direct Investment ,
Investment ,
Material Adverse Change Clauses (MACs) ,
National Security ,
Regulatory Reform ,
Supply Chain ,
UK
The Foreign Subsidies Regulation (FSR) is now in its third year of operation. Intervention in M&A has so far been limited to a relatively small number of deals. But notification thresholds are easily met and navigating the...more
2/27/2026
/ Acquisition Agreements ,
Antitrust Provisions ,
Cross-Border Transactions ,
EU ,
European Commission ,
Foreign Direct Investment ,
Foreign Subsidies ,
Merger Agreements ,
Merger Controls ,
Popular ,
Private Equity Firms ,
Regulatory Burden ,
Reporting Requirements
Scrutinizing potentially anticompetitive transactions that do not meet merger control filing thresholds remains a high priority for many antitrust authorities, particularly in China and the EU. This continues to inject...more
2/27/2026
/ Acquisition Agreements ,
Antitrust Investigations ,
Antitrust Provisions ,
China ,
Competition Authorities ,
Corporate Sales Transactions ,
Cross-Border Transactions ,
Enforcement Actions ,
EU ,
Merger Agreements ,
Merger Controls ,
Merger Reviews ,
Popular ,
Risk Assessment ,
State Administration for Market Regulation (SAMR)
Allocation of merger control execution risk in transaction documents is front of mind for merging parties. The stakes are high where regulatory outcomes are unknown or hard to predict. But the emergence of a more permissive...more
2025 marked the start of a major transition for global merger control enforcement. Influenced by political agendas pushing for economic growth, investment, and innovation, antitrust authorities in key jurisdictions adopted a...more
2/26/2026
/ Acquisition Agreements ,
Antitrust Division ,
Antitrust Investigations ,
Antitrust Provisions ,
Competition ,
Competition Authorities ,
Corporate Sales Transactions ,
European Commission ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Merger Agreements ,
Merger Controls ,
UK Competition and Markets Authority (CMA)
Fines for breach of procedural merger control rules surged in 2025. Once again, the U.S. led the charge, imposing record penalties. In China, geopolitical factors played a role in some infringement investigations. Overall,...more
2/26/2026
/ Antitrust Provisions ,
Antitrust Violations ,
China ,
Corporate Counsel ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Gun-Jumping ,
Hart-Scott-Rodino Act ,
Merger Agreements ,
Merger Controls ,
Popular ,
Premerger Notifications ,
Sanctions ,
State Administration for Market Regulation (SAMR)
The European Commission (EC) has published its first set of formal guidelines on the EU Foreign Subsidies Regulation (FSR). The guidelines provide some additional clarity for businesses. But they are narrowly focused on how...more
2/24/2026
/ Antitrust Provisions ,
Competition ,
Competition Authorities ,
Cross-Border Transactions ,
EU ,
European Commission ,
Foreign Investment ,
Foreign Subsidies ,
International Trade ,
Merger Controls ,
New Regulations ,
Public Procurement Policies ,
Regulatory Oversight
The UK government is consulting on highly anticipated amendments to the antitrust legislative framework. Its proposals are aimed at delivering economic growth by supporting the Competition and Markets Authority (CMA)’s 4Ps...more
1/27/2026
/ Algorithms ,
Antitrust Provisions ,
Competition Authorities ,
Consumer Protection Laws ,
Digital Markets Strategy ,
Merger Controls ,
Merger Reviews ,
New Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Threshold Requirements ,
UK ,
UK Competition and Markets Authority (CMA)
At the end of what was a transformational year for UK merger control policy, the UK Competition and Markets Authority (CMA) published revised guidance on its approach to merger remedies (Revised Guidance). The upshot: the CMA...more
1/16/2026
/ Competition ,
Competition Act ,
Competition Authorities ,
Divestiture ,
Merger Agreements ,
Merger Challenges ,
Merger Controls ,
Merger Remedies ,
Merger Reviews ,
Mergers ,
New Guidance ,
UK ,
UK Competition and Markets Authority (CMA)
The UK Competition and Markets Authority (CMA)’s strengthened consumer protection powers took effect in April 2025. For the first time, the CMA gained direct powers to determine breaches of consumer law and impose potentially...more
11/21/2025
/ Advertising ,
Advertising Standards Authority ,
Consumer Protection Laws ,
Corporate Counsel ,
Digital Platforms ,
Enforcement Actions ,
False Advertising ,
Fees ,
New Legislation ,
New Regulations ,
Online Platforms ,
Penalties ,
Price Transparency ,
Regulatory Authority ,
Regulatory Oversight ,
Telecommunications ,
UK ,
UK Competition and Markets Authority (CMA) ,
Unfair or Deceptive Trade Practices
On October 16, 2025, the UK Competition and Markets Authority (CMA) launched a consultation on draft revised guidance on its approach to merger remedies (Draft Guidance). The upshot: a more flexible approach is on the cards,...more
The European Commission (EC) has launched its much-anticipated first review of the Foreign Subsidies Regulation (FSR)....more
The UK government has published its latest annual report on the functioning of the UK’s investment screening regime under the National Security and Investment Act 2021 (NSIA) as well as announcing its intention to reduce...more
The Competition and Markets Authority (CMA) has launched a consultation on proposed changes to its mergers guidance on jurisdiction and procedure (CMA2) and its mergers notice template....more
6/25/2025
/ Competition ,
Jurisdiction ,
Merger Controls ,
Merger Reviews ,
Mergers ,
New Guidance ,
Premerger Notifications ,
Proposed Legislation ,
Regulatory Reform ,
UK ,
UK Competition and Markets Authority (CMA)
The UK government has issued the final version of its “strategic steer” to the Competition and Markets Authority (CMA), directing the authority to act in a way that prioritises growth and encourages investment in the...more
Hot on the heels of the UK government’s February 2025 draft "strategic steer", the Competition and Markets Authority (CMA) has published a new Mergers Charter. The Charter details principles the CMA will apply when engaging...more
Sanctions for procedural merger control infringements in 2024 did not meet the lofty heights of previous years. But merging parties should not be complacent. The number of infringement decisions increased. The U.S. and China...more
The transaction notification regime under the EU Foreign Subsidies Regulation (FSR) is now over a year old. To date, intervention levels are low. But assessing whether a filing is required, and gathering the extensive...more
Regulatory intervention levels are rising. The concerns of antitrust authorities and foreign investment (FDI) regulators are evolving and can be unpredictable. Allocation of merger control execution risk in deal documents...more
3/5/2025
/ Antitrust Division ,
Antitrust Provisions ,
Competition ,
Department of Justice (DOJ) ,
European Commission ,
Foreign Direct Investment ,
Foreign Investment ,
Merger Controls ,
Mergers ,
Regulatory Requirements ,
Risk Management ,
Sellers
Speeding up review periods remained a priority for antitrust authorities outside the U.S. They did this through formal rule changes or adjustments in practice. But the increasing complexity of the issues raised by some deals,...more
Foreign investment (FDI) screening regimes continued to present challenges for dealmakers. We saw tough intervention in key jurisdictions. New and expanding rules added to regulatory burden. Overall, most deals are cleared...more
2/28/2025
/ Acquisitions ,
Compliance ,
EU ,
Foreign Direct Investment ,
Global Market ,
Investment ,
Mergers ,
National Security ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
UK
Tech sector deals are seeing rising mortality rates. AI partnerships are moving up the authorities’ agenda for scrutiny and enforcement. Overall, however, antitrust intervention in 2024 once again focused on transport, energy...more
2/28/2025
/ Antitrust Division ,
Antitrust Provisions ,
Artificial Intelligence ,
Competition ,
Energy Sector ,
Enforcement Actions ,
European Commission ,
Federal Trade Commission (FTC) ,
Mergers ,
Regulatory Agenda ,
Technology Sector ,
UK