Matthew Readings on EU

New U.K. digital markets regime

The Digital Markets, Competition and Consumers Act 2024 will introduce groundbreaking new rules to regulate digital markets in the U.K. It aims to boost competition by controlling the conduct of the largest digital firms,...more

6/3/2024 / Antitrust Provisions , Competition , Consumer Protection Laws , Digital Marketplace , Digital Markets Strategy , EU , Merger Controls , Pending Legislation , Regulatory Agenda , Technology Sector , UK , UK Competition and Markets Authority (CMA)

U.K. consumer enforcement overhaul

The Digital Markets, Competition and Consumers Act 2024 will result in a landmark overhaul of the U.K. consumer protection regime. It will dramatically increase the Competition and Markets Authority (CMA's) enforcement powers...more

6/3/2024 / Competition , Consumer Protection Laws , Digital Marketplace , Digital Markets Strategy , Enforcement Actions , EU , Penalties , Regulatory Agenda , Regulatory Requirements , Technology Sector , UK , UK Competition and Markets Authority (CMA)

U.K. antitrust regime revamp

The Digital Markets, Competition and Consumers Act 2024 will in the main start to take effect in stages later in 2024 and will bolster the powers of the Competition and Markets Authority (CMA) to enforce U.K. antitrust rules....more

6/3/2024 / Antitrust Litigation , Antitrust Provisions , Competition , Compliance , Digital Marketplace , Digital Markets Strategy , EU , Investigations , Non-Compete Agreements , Remedies , Technology Sector , UK , UK Competition and Markets Authority (CMA)

U.K. finalizes new consumer antitrust and digital markets regime

The Digital Markets, Competition and Consumers Act 2024 has finally been enacted. It introduces significant changes to U.K. merger control and antitrust rules, establishes a new consumer protection regime and introduces a...more

6/3/2024 / Antitrust Division , Competition Act , Consumer Protection Laws , Digital Markets Strategy , EU , Investigations , Merger Controls , Mergers , New Rules , Online Platforms , Regulatory Agenda , Regulatory Reform , Technology Sector , UK , UK Competition and Markets Authority (CMA)

The European Court of Justice Resurrects an Old Tool to Tackle Below Threshold Mergers

Overview - - The European Court of Justice (CJEU) brought back to life an old theory which allows acquisitions, which fall below EU and national merger control thresholds, to be challenged post-completion under abuse of...more

4/17/2023 / Competition , EU , European Commission , European Court of Justice (ECJ) , Merger Controls , Mergers

EU Takes Another Big Protectionist Step as New Foreign Subsidies Regulation Comes into Force

The EU Foreign Subsidies Regulation (FSR) entered into force on 12 January 2023. It represents a massive expansion in the European Commission’s power to investigate inward investment to the EU. This new regulation—the first...more

1/23/2023 / Antitrust Division , Antitrust Investigations , Antitrust Litigation , Antitrust Provisions , Competition , Competition Authorities , EU

Damages Claims in the Competition Appeal Tribunal – Where Have We Come From And Where to Next?

Will 2022 be seen as the year in which the gates finally opened for damages claims in the Competition Appeal Tribunal (CAT)?...more

8/3/2022 / Antitrust Provisions , Cartels , Competition , Competition Authorities , EU , European Commission , UK , UK Competition and Markets Authority (CMA)

General Court Decision in Illumina / Grail Vindicates Commission’s Article 22 Referral Policy

Quick Read - - The EU’s jurisdiction to review mergers is no longer linked to notification. This is a big change and sharply reduces parties’ ability to predict antitrust hurdles to closing based on notification thresholds....more

7/21/2022 / Anti-Competitive , Antitrust Provisions , EU , European Commission , Member State , Merger Agreements , Merger Reviews , Mergers

General Court Judgment in Canon – A Victory for Commission Gun-Jumping Enforcement

On 18 May 2022, the European General Court rejected Canon’s appeal against a €28 million fine imposed by the European Commission in 2019 for its breach of EU gun-jumping rules, just a few months after a similar judgment,...more

5/23/2022 / Acquisitions , Antitrust Provisions , Competition , Corporate Counsel , EU , European Commission , European Merger Control Regulation , Gun-Jumping , Merger Controls , Mergers

Intel v. Commission: Victory for Companies, Loss for Commission

On 26 January 2022 the General Court (GC) issued its latest judgment in the Intel case, faulting fundamental aspects of the Commission’s original decision almost 13 years prior. The judgment’s findings are promising for...more

1/31/2022 / Competition , EU , European Commission , General Court of the European Union (GCEU) , Intel , Rebates , UK

The UK National Investment and Security Bill is published

On 11 November 2020, the U.K. Government announced long-awaited and extensive reforms to the U.K. foreign investment regime. The reforms proposed are more significant than anticipated and include a mandatory notification...more

11/13/2020 / EU , European Securities and Markets Authority (ESMA) , Financial Conduct Authority (FCA) , Financial Services Industry , Securities , UK , UK Brexit

Shearman & Sterling Responds to the EC Market Definition Notice Consultation

In her first speech upon being reappointed as Competition Commissioner, Commissioner Vestager announced that a review would be undertaken of the Commission’s Market Definition Notice (the “Notice”); the consultation on that...more

10/12/2020 / Antitrust Investigations , Antitrust Litigation , EU , EU Merger Directive , European Commission , European Merger Control Regulation , Merger Controls , Mergers , UK , UK Brexit , UK Competition and Markets Authority (CMA)

European Commission Expands Arsenal to Curtail Foreign Subsidies

On June 17, 2020, the European Commission published its highly anticipated White Paper detailing its “anti-subsidy tool,” aimed at rectifying supposed distortions in the EU caused by foreign subsidies. Stakeholders have until...more

6/19/2020 / EU , European Commission , Parent Corporation , Subsidiaries

The Court’s Quash of the European Commission’s UK Mobile Merger Prohibition Will Have Consequences Far Beyond the Telco Sector

Under the leadership of Margrethe Vestager, the European Commission has taken an increasing interventionist stand across all areas of antitrust enforcement, in particular in merger control. The EU’s General Court dealt that...more

6/3/2020 / Antitrust Litigation , Cell Phones , EU , European Commission , UK

EU Steps Up Protection of Critical Assets and Technologies During COVID-19 Crisis

Key Points - - Although Brussels has no power to approve or block FDI, the European Commission is urging a tightening of policy across the block. - The Commission is signaling that it is responsive to calls for a more...more

4/7/2020 / Coronavirus/COVID-19 , EU , Foreign Direct Investment

How Will COVID-19 Measures Impact Substantive EU Merger Control Review?

The first wave of discussion about the impact of COVID-19 on EU merger control was very much on the practical and procedural. What, impact if any, will the response to this crisis have on the substantive assessment of mergers...more

4/3/2020 / Coronavirus/COVID-19 , EU , European Commission , Failing Firm Defense , Merger Controls , Mergers , State Aid

COVID-19 and Antitrust: Crisis and Change

How will European Competition Enforcers Respond? The COVID-19 pandemic presents an unprecedented challenge to the economy and competition enforcement is no exception. Authorities at EU and national level may need to...more

3/21/2020 / Anti-Competitive , Antitrust Violations , Competition Authorities , Coronavirus/COVID-19 , EU , European Commission , Mergers , Premerger Notifications , State Aid , State of Emergency , Treaty on the Functioning of the European Union (TFEU)

Key Antitrust Enforcement Trends — 2019 Antitrust Annual Report

Welcome to the 2019 Shearman & Sterling Antitrust Annual Report. Our seventh edition focuses on the contrasting use by regulators of antitrust laws with respect to the FANGs, and how antitrust is being enforced in the U.S....more

European Commission Imposes Fine on Canon for Gun-Jumping

On 27 June 2019 the European Commission imposed a fine of €28 million on the Japanese imaging and optical products manufacturer Canon for “gun-jumping” by using a warehousing structure in its 2016 acquisition of Toshiba...more

7/9/2019 / Acquisitions , Breach of Competition Law , Canon , Competition , Corporate Counsel , EU , European Commission , European Merger Control Regulation , Gun-Jumping , Merger Controls , Mergers , Toshiba , Warehouses