2023 saw another muted picture in terms of overall global fines for antitrust enforcement, with total penalties for the jurisdictions surveyed in our report down at USD2.9 billion, a moderate decrease from the 2022 totals (USD3.5bn) and a significant downtick from 2021’s bumper year of enforcement (USD11.3bn). Notably, traditional “heavy hitter” regulators in Europe and the U.S. reported marked decreases in fines for the second year in a row. By contrast, moderate increases were observed in a number of APAC jurisdictions (including Australia, China and Japan) as well as in Canada.