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section_cartouche"> <div class="cartouche"> <div class="section__container"> <div class="cartouche__label cartouche__label_date"> <p class="publication"><time pubdate="pubdate" datetime="2023-09-28T10:00:00Z"><span class="dm"><span class="d">28 </span><span class="m">Sep</span></span><span class="y"> 2023</span></time></p> </div> <div class="cartouche__title"> <h1> <span class="crayon article-titre-112853 ">Global Antitrust Hot Topics: EU, US & Global Perspectives</span> </h1> </div> <div class="cartouche__description"> <div class="crayon article-descriptif-112853 descriptif"><p>The 11th Global Antitrust Hot Topics Conference organised by Concurrences in partnership with Baker Botts, Frontiers Economics, Meta, Positive Competition and RBB Economics, took place in Brussels on September 28th, 2023.</p></div> </div> <div class="liste supports documents_joints"> <ul class="liste-items"> <li class="item item-play"><article class="entry document spip_doc mp3" > <strong class="h3-like 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class="sep"> - </span>PDF</span><span class="poids"><span class="sep"> - </span>214.1 KiB</span> </p> </article></li> <li class="item"><article class="entry document spip_doc pdf" > <strong class="h3-like entry-title"> <a class="btn btn-primary-border" href="IMG/pdf/key_takeaways_280923-2.pdf?115512/7ad3dcbc0a5e34208e10a21b3039ccca135c28aabfcc8b9fe353bda85b24999f" rel="bookmark" type="application/pdf" title="Upload PDF - 958.4 KiB" ><img src='plugins-dist/dist/core/medias/prive/vignettes/pdf.svg' width="64" height="64" alt='' class='spip_logo spip_logos spip_document_icone' /> Key Takeaways</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2023-11-06T16:58:00Z"><i class="icon-calendar"></i> 6 November 2023</time> <span class="type"><span class="sep"> - </span>PDF</span><span class="poids"><span class="sep"> - </span>958.4 KiB</span> </p> </article></li> <li class="item"><article class="entry document spip_doc pdf" > <strong class="h3-like entry-title"> <a class="btn btn-primary-border" href="IMG/pdf/bb_2023_-_transcript.pdf?116303/fe86fc6dec631e13a8a1ee7c7ef40d32a73563be0055d533c3daed251b4e1902" rel="bookmark" type="application/pdf" title="Upload PDF - 1.6 MiB" ><img src='plugins-dist/dist/core/medias/prive/vignettes/pdf.svg' width="64" height="64" alt='' class='spip_logo spip_logos spip_document_icone' /> Transcription</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2023-11-16T11:38:55Z"><i class="icon-calendar"></i> 16 November 2023</time> <span class="type"><span class="sep"> - </span>PDF</span><span class="poids"><span class="sep"> - </span>1.6 MiB</span> </p> </article></li> </ul> </div> <div class="info" id="support-disabled" style="display:none;">This event’s document is restricted to subscribers. Please <a href="//en/events/global-antitrust-hot-topics-eu-us-global-perspectives-112853#cta-inscription">sign-in</a> to access.</div> <script type="text/javascript"> function show_document_disabled(){ var url_login = 'en/page/login/?url=en/events/global-antitrust-hot-topics-eu-us-global-perspectives-112853'; if (!jQuery('#support-disabled').is(':visible')) { if (!jQuery('#cta-inscription').length) { jQuery('#support-disabled').find('a').attr('href',url_login); } jQuery('#support-disabled').show('fast'); } } </script> <div class="cartouche__label cartouche__label_metas postmeta"> <span class="meta-title">KEYWORDS</span> </div> <div class="cartouche__metas cartouche__metas_tags postmeta"> <span class="tags"> <ul class="inline list-inline"> <li><a class="label label-default" href="en/tags/Union-Europeenne">European Union</a></li><li><a class="label label-default" href="en/tags/Royaume-Uni">United Kingdom</a></li><li><a class="label label-default" href="en/tags/Etats-Unis-d-Amerique">United States of America</a></li><li><a class="label label-default" href="en/mot/general">General antitrust</a></li><li><a class="label label-default" href="en/tags/Abus-de-position-dominante">Dominance (abuse)</a></li><li><a class="label label-default" href="en/tags/Engagements-concentrations">Remedies (mergers)</a></li> </ul> </span> </div> </div> </div> </header> <div class="section section_longform section_main"> <div class="section__content"> <div class="section__container"> <div class="crayon article-texte-112853 texte surlignable"> <div class="spip_document_126204 spip_document spip_documents spip_document_video spip_documents_center spip_document_center ressource oembed oembed_video oembed_video oembed_youtube" > <figure class="spip_doc_inner"> <div class="oembed oe-video async clearfix center" style="max-width:1200px;"> <div class="rwd-video-container oe-play-button" style="width:100%;height:0;padding-bottom:56.25%;background-image:url('https://www.concurrences.com/local/cache-vignettes/L480xH360/hqdefault-70-f5fbc.jpg?1719235074');background-repeat:no-repeat;background-position:center;background-size:cover;" onclick="if (jQuery(this).is('.oe-play-button')){jQuery(this).removeClass('oe-play-button').addClass('loading').html(decodeURIComponent('%3Ciframe%20width%3D%221200%22%20height%3D%22675%22%20src%3D%22https%3A%2F%2Fwww.youtube-nocookie.com%2Fembed%2FyhfbyTyb1MU%3Ffeature%3Doembed%26autoplay%3D1%22%20frameborder%3D%220%22%20allow%3D%22accelerometer%3B%20autoplay%3B%20clipboard-write%3B%20encrypted-media%3B%20gyroscope%3B%20picture-in-picture%3B%20web-share%22%20referrerpolicy%3D%22strict-origin-when-cross-origin%22%20allowfullscreen%20title%3D%22The%20Global%20Antitrust%20Hot%20Topics%3A%20EU%2C%20US%20%26amp%3B%20Global%20Perspectives%20conference%22%3E%3C%2Fiframe%3E'));}" > <button onclick="jQuery(this).parent().trigger('click');"><span class="oe-play-button_label">Play</span></button> </div> <style></style> </div> <figcaption class='spip_doc_legende'> <div class='spip_doc_titre '><strong><a href="https://youtu.be/yhfbyTyb1MU" class="spip_out" rel="external">The Global Antitrust Hot Topics: EU, US & Global Perspectives conference</a> </strong></div> <div class='spip_doc_credits crayon document-credits-126204 '><a href="https://www.youtube.com/@ConcurrencesReview" class="spip_out" rel="external">Concurrences</a> </div> </figcaption> </figure> </div> <p><span class="spip-puce ltr"><b>–</b></span> <strong>Photos</strong>: See below <em><a href="https://www.emiliegomez.org/a-propos" class="spip_out" rel="external">© Emilie Gomez</a></em> <br /><span class="spip-puce ltr"><b>–</b></span> <strong>Videos interviews</strong>: See below <br /><span class="spip-puce ltr"><b>–</b></span> <strong>Audio</strong>: Available for Concurrences+ subscribers (see below) <br /><span class="spip-puce ltr"><b>–</b></span> <strong>Key Takeaways</strong>: Available for Concurrences+ subscribers (see above) <br /><span class="spip-puce ltr"><b>–</b></span> <strong>Transcript</strong>: Available for Concurrences+ subscribers (see above) <br /><span class="spip-puce ltr"><b>–</b></span> <strong>Concurrences Related Articles</strong> (Click Read More below and see page’s bottom)<br class='autobr' /> </br></br><i>Check the <a href="https://www.concurrences.com/en/conferences/">Upcoming Events section</a> for the next events.</i><br class='autobr' /> </br></p> <p><strong>SYNTHESIS</strong></p> <p><strong>Fireside Chat</strong></p> <p><strong>Annemiek Wilpshaar </strong></p> <p><strong>An overview of the European Commission’s (DG COMP) 2023 merger cases </strong></p> <ul class="spip" role="list"><li> Most of the Commissions’ interventions are still due to horizontal concerns in the more traditional industries. That has continuously been the case over the past years, and that trend has continued this year with interventions like in Sika/MBCC in chemical admixtures, MOL/OMV Slovenia in the retail fuel sector, Vivendi/Lagardère in magazine publishing and Orange/VOO/Brutele in the telecom sector here in Belgium.</li><li> The ECJ’s CK Telecoms’ judgement in July brought welcome clarity on some fundamental notions of law. One of the important aspects of the judgement, going beyond oligopolistic markets, is the confirmation that the standard of proof is the same for all mergers - irrespective of the complexity of the theory of harm put forward.</li></ul> <p><strong>The 2023 merger simplification package</strong></p> <ul class="spip" role="list"><li> In early September, the simplification package came into force which will further simplify our procedures for the handling of non-problematic cases – allowing us to have more resources for the complex cases.</li></ul> <p><strong>Cases involving nascent and transitioning markets</strong></p> <ul class="spip" role="list"><li> One element that makes the assessment of a merger complex is when the market is still at a nascent stage or going through a transition. <ul class="spip" role="list"><li> This was the case in Viasat/Inmarsat, a merger between two satellite operators where our assessment focused on the impact of the transaction in the nascent market for in-flight broadband services.</li><li> In Microsoft/Activision Blizzard, we investigated, and found concerns for the nascent cloud gaming market. To solve these concerns, Microsoft tabled a remedy proposal for the 10 year licensing of all Activision-Blizzard’s games to all rival cloud gaming providers in the EEA, for free. In practice, it means that European consumers who have purchased an Activision game – whether for a console or a PC – can now also stream their games on the platform of their choice.</li><li> Another recent complex case was Broadcom/VMware, where we intervened because of conglomerate effects. We approved the transaction conditional upon full compliance with the interoperability commitments offered by Broadcom that we considered effective following a market test.</li></ul></li><li> But, when remedies are not effective, there is no alternative but to block the deal. There is no difference whether we are dealing with a nascent or dynamic market or a large and stable one. Illumina/GRAIL is an example for a nascent market, while the prohibition in Booking/eTraveli earlier this week is an example of an intervention on a more mature market, now worth EUR 40 billion in Europe.</li></ul> <p><strong>Identifying and handling below-threshold merger cases (Article 22 EUMR)</strong></p> <ul class="spip" role="list"><li> There have been two further Article 22 referrals under the new guidance following the Illumina/Grail judgement in July 2022.</li><li> The Commission has accepted the requests submitted by 15 Member States to assess the proposed acquisition of Autotalks by Qualcomm. These referral requests reached the Commission after it had invited Member States to make a referral request regarding this transaction involving two of the main suppliers of V2X semiconductors.</li><li> The Commission also accepted the referral requests by Member States to assess the proposed acquisition of Nasdaq Power by EEX (a subsidiary of Deutsche Börse), a transaction combining two providers facilitating the on-exchange trading and subsequent clearing of Nordic power contracts.</li><li> We have been and will continue to monitor different sectors of the economy to detect transactions that could be suitable candidates for an Article 22 referral, including in the digital field, the pharma sector, or any other sector.</li><li> The nature of digital markets creates more risks that transactions can escape proper scrutiny, although they may impact competition. This may be due to the business models, the strength of network effects or the aggressive acquisition strategies of some of the large digital players.</li><li> This summer, 6 firms were designated as gatekeepers under the DMA which marks the beginning of the enforcement phase. Gatekeepers will be required to inform the Commission about intended concentrations which can further help the Commission in its monitoring efforts of suitable Article 22 cases.</li><li> In addition to market monitoring, third parties can contact the Commission to inform the Commission of a concentration that, in their opinion, could be a suitable candidate.</li><li> However, let me be clear, we do not foresee capturing a large number of additional transactions each year as we expect that only a limited number of transactions meet the strict criteria set out in Article 22, namely that the transaction affects trade between Member States; and threatens to significantly affect competition.</li></ul> <p><strong>The assessment of conglomerate effects in the Booking / eTraveli case</strong></p> <ul class="spip" role="list"><li> Booking is found to be the dominant Hotel OTA (online travel agency) in Europe, not only because of a very high and growing market share, but also because of the commercial conditions observed on the market. In particular, we found that Booking is an expensive channel for hotels.</li><li> Our in-depth investigation showed that Flight OTA services are the second largest OTA market and the closest complement to Booking’s core hotel OTA business. Flight OTA services are an important customer acquisition channel for OTAs as they generate a significant amount of traffic and are usually the first step in the planning of a trip.</li><li> And the question that arose in this case is whether the expansion of Booking’s ecosystem into Flight OTAs - through this particular acquisition - would have strengthened its dominant position in the Hotel OTA market and ultimately would have been detrimental to competition, hotels and consumers.</li><li> Given the position and importance of eTraveli this particular transaction would have allowed Booking to get a very large amount of additional traffic of customers early on in their trip planning or trip booking process.</li><li> The relationship between Hotel OTA and Flight OTA is a conglomerate relationship, but the Commission found that the transaction would significantly impede competition because of the strengthening of a dominant position in the hotel OTA market, not because of foreclosure of flight OTA rivals.</li><li> This type of cases shows that some complex non-horizontal mergers may entail different types of effects. The ability/incentives/effects assessment as laid out in the Non-Horizontal Merger Guidelines provide a solid framework for the vast majority of the non-horizontal cases, and it is still very relevant. But some non-horizontal mergers may entail effects that are not necessarily based on a foreclosure “conduct”, but are more “horizontal” in nature. For example, a merger of firms that are not currently horizontally related may cause concerns about potential competition, innovation competition, aggregation of data or assets or traffic leading potentially to a strengthening of the position, and/or increasing barriers to entry and expansion.</li></ul> <p><strong>EC’s view of concentration in merger review</strong></p> <ul class="spip" role="list"><li> Market ‘deconcentration’ is not an objective in itself for the Commission, but concentration is a critical consideration in its merger assessments, especially concerning horizontal overlaps.</li><li> Concentration analysis is important in horizontal cases, and market shares or HHI are useful initial indicators. However, the Commission also analyses factors including closeness and intensity of competition, capacity constraints, and entry barriers. <ul class="spip" role="list"><li> In vertical cases, market shares and concentration may also be a starting point for foreclosure analysis, but the Commission conducts a detailed competitive assessment considering whether foreclosure leads to a large diversion to the merged entity, whether such diversion would be profitable and whether there are countervailing benefits.</li><li> Increasing market concentration is no doubt a problem worldwide. Data shows there has been less increase in concentration in Europe than in other regions in recent decades; but we certainly need to remain vigilant here as well and preserve competition and prevent problematic consolidation in already concentrated markets which matters just as much to the economy and to consumers as protecting competition in newer industries.</li></ul></li></ul> <p><strong>Commitments in the EU legal framework</strong></p> <ul class="spip" role="list"><li> There is a lot of focus on areas of divergence in decision making (including commitments decisions), but the evidence across cases suggests alignment is more common. Divergence among jurisdictions and regulators may also arise for good reasons, including differing legal systems, traditions, priorities, and market realities.</li><li> In the EU legal framework, the Commission cannot dismiss a credible proposal out of hand, even if non-structural, without assessing it.</li><li> The Commission’s standards to accept remedies are high, and the divestiture of an existing standalone business is by far the preferred option and the benchmark against which all remedies are assessed.</li><li> In specific cases, in order to address non-horizontal competition concerns related to access or interoperability, other types of remedies may fully and effectively remove competition concerns, in which case the Commission must approve them.</li><li> What is very important, is that the Commission obtains feedback from market participants through a market test and to use that feedback to see whether the remedies proposal can be improved to make it effective. In many recent cases, the Commission rejected overly complex remedies, leading either to successfully improved remedies or to prohibitions. Illumina/Grail and Booking/eTraveli are clear examples that the Commission does not accept remedies if they are not considered suitable.</li></ul><div class="content-inner-more" id="more_texte_article_112853"><strong>Partnerships and investments in AI</strong><ul class="spip" role="list"><li> There has been a lot of recent interest in investments by major tech players in AI organisations (e.g., Microsoft’s investment in Open AI).</li><li> While the question of control for the purposes of EU merger review is not always immediately clear in these cases, the Commission’s fundamental principle for assessing jurisdiction remains the same: is there a concentration, including through acquisition of de facto control.</li><li> Fundamentally this is an assessment for parties to a transaction to make, and the potential notifying party is responsible for doing so; the Commission can also raise questions with parties to such deals to help determine jurisdiction to review.</li><li> It remains entirely clear that if a deal amounts to a concentration under EU law and the turnover based thresholds are met, it is notifiable and reviewable; if the turnover based thresholds are not met, it remains possible that the transaction is a suitable candidate to be referred under Article 22.</li></ul> <p><strong>Maureen K. Ohlhausen </strong></p> <p><strong>Ongoing changes in the merger space in the United States</strong></p> <ul class="spip" role="list"><li> The current degree of focus and activity in the US competition landscape (as well as in Europe) cannot be overemphasised. In the week of 28 September 2023 alone, two major US cases were at trial: a Federal Trade Commision (FTC) conduct case against Amazon (a signature issue for current FTC Chair Lina Khan), and a Department of Justice (DOJ) enforcement action against Google.</li><li> In respect of mergers, the recent proposed merger guidelines in the US are effectively an attempt to change the applicable review standard, and aim to provide interpretations and explanations of how antitrust standards for mergers will be applied. The new emphasis is on presumptions, concerns about new areas such as entrenchment and nascent competitors, and a preference for organic growth over acquisition. Concerning growth by acquisition specifically, the dogmatic approach of the draft US guidelines stands in contrast, for instance, to the Commission’s nuanced decision based on a careful assessment of actual competitive effects in the Google / Photomath case.</li><li> In this regard, it is important to understand that the US merger control system only requires a notification, not substantive review and approval. The agencies may investigate notifications at their own initiative, and either settle with merging parties or pursue a preliminary injunction in court.</li><li> The agencies have also recently introduced new proposed filing requirements for notifications under the Hart-Scott-Rodino Act, creating a significant administrative burden on merger notifications in the U.S, which may impact deal volumes and timing as well as ultimate outcomes. These are administrative issues that may have large substantive impacts.</li></ul> <p><strong>Recent FTC cases</strong></p> <ul class="spip" role="list"><li> The FTC has recently faced challenges in convincing courts that their new standards and theories are supported by case law. The FTC lost its cases in Meta / Within (based on a nascent competition theory) and in Microsoft / Activision Blizzard (in which it sought to reject an EU style remedy). It has now restarted the latter case through administrative litigation, despite failing to secure a federal injunction.</li><li> There are also several ongoing and interesting cases, including the FTC’s challenge to the Illumina / Grail merger, and a challenge to Meta’s acquisition of Instagram and WhatsApp as a monopolisation case. Consequently, there remain a range of unsettled areas for the US courts to decide.</li></ul> <p><strong>The question of remedies</strong></p> <ul class="spip" role="list"><li> The US agencies have generally suggested they are not favourable to remedies, but this is not always the case in practice. For instance, the FTC accepted a remedy in the recent Amgen case.</li></ul> <p><strong>Panel 1 - Abuse: Enforcement Priorities & Guidelines</strong></p> <p><strong>Paul Lugard </strong> moderated the discussion.</p> <p><strong>Damien Gérard </strong></p> <p><strong>Article 102 TFEU Package</strong></p> <ul class="spip" role="list"><li> The Article 102 TFEU Package is a major development in the EU. It encompasses amendments to the guidance paper, a policy brief on an effects-based approach to abuse of dominance, and a call for evidence to replace the 2008 guidance paper with comprehensive guidelines on exclusionary abuses.</li><li> The objective behind this package is to ensure that the implementation of the effects-based approach to abuse of dominance remains dynamic, workable, and effective.</li><li> The focus is on refining the methodological sequence and evidentiary principles supporting robust, fact-based, and economically rational approach to enforcing Article 102 TFEU (i.e., establishing the causality between a particular practice and its potential effects).</li></ul> <p><strong>Impact of the Intel cases on EU competition policy</strong></p> <ul class="spip" role="list"><li> The Intel cases significantly impacted the enforcement landscape. Specifically in its 2017 judgement, the General Court of the EU endorsed the effects-based approach and stated that the case law had to be further clarified.</li><li> The court clarified that if a dominant company claims during the administrative procedure that its conduct was not restricting competition, the competition authority must demonstrate that the conduct in question has the intrinsic capacity to foreclose competitors at least as efficient as the dominant undertaking. In addition, the competition authority still needs to consider all the advantages in terms of efficiency which also benefit the consumers.. This is a very demanding methodology. The court also set a high evidentiary threshold to demonstrate the intrinsic capacity to foreclose competition.</li></ul> <p><strong>The need for a rigorous and effective competition policy</strong></p> <ul class="spip" role="list"><li> The Intel judgement is where the concern about the admissibility of the effects-based approach originated and this concern is shared within the European Competition Network (“ECN”).</li><li> This is why the Commission appealed the General Court’s Intel judgement and decided to refine its guidance paper. The goal behind the Article 102 TFEU Package and the ongoing policy discussions is to compile the lessons learned from 15 years of effects-based enforcement into comprehensive guidelines.</li><li> There is a need for a rigorous and effective competition policy, anchored in market realities.</li><li> There is a need to refine the effects-based approach within Article 102, enriching it to consider all relevant circumstances. The aim is not to depart from a fact-based, economically rational approach, but to delve into essential concepts for shaping future guidelines and their practical application (e.g., presumptions and naked restraints).</li></ul> <p><strong>The As Efficient Competitor (“AEC”) test</strong></p> <ul class="spip" role="list"><li> When such a price-cost test is carried out ex post it is viewed as sufficient to show the causality link between the facts and the potential effects. This becomes the sole focus of the assessment, and this is not sufficient to account for the reality of the market in question.</li><li> The clarification in the new Commission’ guidance paper, at paragraph 27, that the consideration of the results of the AEC test needs to be integrated in the general assessment of anticompetitive foreclosure is mentioned as an interesting change.</li></ul> <p><strong>Aleksandra Boutin</strong></p> <p><strong>The historic role of a “more economic approach” in EU competition law</strong></p> <ul class="spip" role="list"><li> The "more economic approach" was introduced as a necessary response to cases that lacked logical coherence (e.g., Michelin I and II cases).</li><li> The adoption of a more economic approach aligned competition policy across various instruments and reflected advances in economic thinking and experience. The 102 Guidance, based on such an approach, offered consistency and was a set of guidance that companies used for self-compliance.</li><li> This approach allowed the Commission to address innovative concerns (e.g., offensive and defensive leveraging) which required sound economic thinking and evidence, as well as a deeper consideration of economic aspects in each case.</li></ul> <p><strong>Expectations for future EU guidelines</strong></p> <ul class="spip" role="list"><li> The emphasis is put on the importance of seeing the bigger picture and not fixate on specific aspects, like the "as-efficient competitor test." The goal should be to develop a comprehensive analytical framework for assessing anti-competitive foreclosure cases.</li><li> The Commission should focus on creating guidelines that encompass various theories of harm and the types of evidence needed for assessment of these types of theories. It is also expected to provide guidance on assessing different theories of harm and the accompanying evidence.</li><li> However, some scepticism regarding the progress of reform is expressed.</li><li> The importance of continued pressure on the Commission and cooperation with dynamic National Competition Authorities (NCAs) to ensure the development of guidelines effective for compliance and enforcement is emphasised.</li></ul> <p><strong>The AEC test and the predation test</strong></p> <ul class="spip" role="list"><li> The predation test analyses cases of companies offering low prices in order to recoup later once the prices increase. It serves as a tool to evaluate whether prices are low and potentially anti-competitive.</li><li> The basic concept is that offering prices below the marginal cost should be an unsustainable strategy, while offering prices above total cost should be a sustainable strategy.</li><li> There are still several critical questions associated with the predation test: <ul class="spip" role="list"><li> Why would competitors exit the market?</li><li> How can the dominant company sustain losses for an extended period?</li><li> Can it be guaranteed that recoupment will occur? What about less efficient competitors?</li></ul></li><li> A focus on the need for caution in enforcement of cases involving low prices is emphasised.</li></ul> <p><strong>The role of less efficient competitors</strong></p> <ul class="spip" role="list"><li> There are many occasions where excluding less efficient competitors could be harmful. However, there are many situations where the exclusion of less efficient companies is the engine of creating disruption that drives short- and long-term consumer welfare. For less efficient competitors, competition authorities need to show that this is the only remaining competition in the foreseeable future. The question is what the role of less efficient competitors is and how to have workable rules regarding this.</li><li> The Commission is expected to provide clear guidance on when excluding less efficient competitors becomes a concern and when it does not.</li></ul> <p><strong>The role of coverage in the predation test and in the AEC test</strong></p> <ul class="spip" role="list"><li> In predation if there are low prices, the coverage is large and the predation is targeting particular customers, it is necessary to assess the coverage. It is also necessary to assess whether the targeted customers are particularly relevant and strategic. The same question arises in the context of rebates.</li><li> However, the predation test needs to be complemented with additional evidence matching an anticompetitive foreclosure theory of harm. In order to ascertain the relevance of the test it is necessary to establish if the test is sufficiently informative and flexible. More evidence is necessary both in the cases where prices between marginal costs and total costs are argued to be problematic and when the exclusion of less efficient competitors is argued to be problematic.</li></ul> <p><strong>Theories of harm and rebates</strong></p> <ul class="spip" role="list"><li> In various rebate cases, the Commission expressed concerns relating to dominant companies offering significant rebates to specific companies that purchase large quantities of products.</li><li> The size of the rebates does matter because there are many pro-competitive reasons for non-linear pricing. There are theories of harm where small rebates can have a foreclosure effect. However, the relevant evidence of these theories of harm is much more burdensome.</li><li> There can be cases of foreclosure effects with small rebates but these should not be speculative, and the size of the rebate (small or lange) cannot be claimed to be irrelevant.</li></ul> <p><strong>Non-price conducts and the need for case-specific and consistent approach to exclusivity agreements</strong></p> <ul class="spip" role="list"><li> The categorization of exclusivity agreements as "naked restrictions" or "object restrictions" is questioned, as they may warrant case-specific assessments.</li><li> Exclusive agreements often involve rebates or discounts, which can be seen as pre-negotiated penalties for breaches.</li><li> Exclusivity agreements are not necessarily rigid, parties can negotiate changes even when dealing with a dominant company. The notion that customers cannot escape exclusivity contracts is dismissed, especially when they are sophisticated entities.</li><li> The potential existence of pro-competitive rationales for exclusivity is acknowledged, particularly in cases involving relationship-specific investments. The threshold in case of pro-competitive rationales is plausibility, not efficiency. Agencies should assess and not presume anti-competitive effects of exclusivity clauses in most cases.</li><li> The need for a consistent approach across sectors and types of theories of harm is highlighted as important.</li></ul> <p><strong>Miguel Perez Guerra</strong></p> <p><strong>The evolving standard of proof</strong></p> <ul class="spip" role="list"><li> The court in the Intel case clearly stated that competition authorities cannot abstract themselves from economic facts put forward by defendants, as those are the facts regarding an Article 102 TFEU case.</li><li> There is however a concern about fine-tuning the elements that constitute sufficient evidence of wrongdoing this is leading or could potentially lead to increased formalism and greater reliance on presumptions.</li><li> This may cause enforcers and regulators to avoid dealing with key economic questions, which are central to competition cases, especially under Article 102 TFEU.</li><li> There is a shift from ex post enforcement (under Article 102 TFEU) to ex ante regulation with an increased use of presumptions. There are more tools that shift conduct previously analysed only under Article 102 TFEU, to the advantage of sound enforcement and sound administration, to ex ante regulation and enforcement. These are quasi-criminal proceedings with quasi-criminal penalties.</li></ul> <p><strong>The need for robust analysis and legal clarity</strong></p> <ul class="spip" role="list"><li> Quasi-criminal proceedings and penalties demand robust analysis and evidence of any sort of wrongdoing. Rather than lowering or fine-tuning standards to facilitate enforcement, the solution is to provide competition authorities with more resources to deal with the existing standards.</li><li> It can be argued that increased formalism hypothetically can help in house and outside legal counsel in advising clients on what is right and wrong.</li><li> However, there is a concern that the growing formalism is not accompanied by greater clarity. For example, some of the Digital Markets Act’s obligations may not be as self-executable as they appear.</li><li> Legal certainty is highlighted as needed and important for in house counsel to guide the business.</li></ul> <p><strong>The AEC standard and the AEC test</strong></p> <ul class="spip" role="list"><li> The AEC standard is fundamental to sound market analysis and investigations into a company’s conduct, particularly concerning its capability to foreclose competitors.</li><li> Foreclosure is not just about removing rivals; it is about affecting the overall competitive process. The standard helps distinguish those companies who are outperformed or outcompeted from those companies who should have had a fair chance but appear to face other barriers.</li><li> This is the difference between the AEC standard, which should be maintained, and the AEC test, which is debatable if it is the right tool for assessment.</li></ul> <p><strong>Non-price conducts and the need for consistency</strong></p> <ul class="spip" role="list"><li> Consistency in terms of uniform standards, principles and burden of proof, is desired across cases, sectors, and between the actions of regulators and the judgments of courts.</li><li> There is an inherent complexity in competition law enforcement due to multifaceted issues, intricate facts, complex conducts, and comprehensive evidence. This natural complexity leads to intricate analyses and should be embraced, ensuring that it serves the ultimate goal of identifying and addressing wrongful conducts, rather than hindering the operation of competition in markets.</li></ul> <p><strong>Chris Idermark-Boyd</strong></p> <p><strong>Many businesses are having to navigate considerable legal and procedural uncertainty across multiple competition law regimes</strong></p> <ul class="spip" role="list"><li> Some competition law regimes are unstructured, and lack adequate guidance. They may also lack due process, decision transparency, and detailed explanations.</li><li> In some jurisdictions, there is a marked increase in enforcement, including criminalization of conduct and procedural enforcement in merger control. This may not be accompanied by the necessary guidance and transparency which businesses need to confidently navigate and comply with the law.</li><li> For example, when a business is assessing a transaction involving a target business in one of those jurisdictions, the lack of guidance can lead to challenges in self-assessment and could theoretically potentially affect investment decisions.</li></ul> <p><strong>EU regulatory trend and the importance of precise guidance</strong></p> <ul class="spip" role="list"><li> It is acknowledged that the EU already has a wealth of guidance in place. However, there is a noticeable trend of increasing regulatory discretion which raises concerns.</li><li> The recent Commission’s merger brief on sustainability is cited as an example. While it provides helpful guidance on environmental considerations in market definition and competitive assessments, its section on "green killer acquisitions" may be seen as unclear and potentially unhelpful. There are some unanswered questions related to important concepts in this guidance.</li><li> Regarding the guidance on exclusionary abuses, there is a risk to complicate investment decisions, particularly by non-dominant companies in emerging markets.</li><li> The importance of precise guidance early on is emphasised, especially through Article 102, to ensure that investment decisions can be made with confidence.</li></ul> <p><strong>Panel 2 - Digital: Regulation of Platforms </strong></p> <p><strong>Matthew Levitt</strong> moderated the discussion. The discussion delved into the connections between competition law and the Digital Markets Act (DMA). With the DMA recently designating six companies and 22 core platform services, initiating qualitative market investigations, a multitude of topics were tackled.</p> <p><strong>Tero Louko</strong></p> <p><strong>DMA’s impact on Google</strong></p> <ul class="spip" role="list"><li> Google has incurred substantial fines (around 8 billion euros) in Europe, indicating the quasi-criminal nature of Article 102.</li><li> Google has eight core platform services, making up 36% of all core platform service designations.</li><li> In anticipation of the Commission’s designations, Google filed Form GDs (notifications) to designate services that would fall under Core Platform Services (CPS). Google also informed the Commission of other services who did not meet the thresholds, as well as some services that met the threshold but that should be designated as CPSs (e.g., Gmail).</li><li> After designation, Google has six months to comply with DMA obligations, with some exceptions, such as Article 14.</li><li> Article 6.3 is pointed out as an example of the consequences of the DMA on Google’s services. This article mandates the use of choice screens for designated core platform services. For example, Android phones will feature a choice screen for selecting default browsers and search engines. Google believes that these principles should benefit all users and rival platforms, encouraging widespread adoption.</li></ul> <p><strong>Google’s approach to DMA obligations</strong></p> <ul class="spip" role="list"><li> The fact that choice screens should not be dismissible with a single click but rather require users to actively exercise their choice is emphasised.</li><li> Google’s proposal is to feature, in a random presentation, the five most popular search engines and browsers, determined based on third-party reports.This random presentation should also apply to the next seven search engines and browsers, thus eliminating any bias favouring Google.</li><li> Google intends to collaborate with other search engines, browsers and third-party OEMs (e.g., Samsung), seeking their input, feedback, and comments on the proposed choice screens. The importance of user experience and interface design is emphasised, as they are aspects where industry stakeholders can provide valuable insights. The European Commission is expected to support and encourage this collaboration.</li></ul> <p><strong>Need for guidance by the European Commission</strong></p> <ul class="spip" role="list"><li> There is a need for guidance and confirmation from the European Commission to ensure compliance with DMA requirements.</li><li> Guidance is important to avoid misinterpretations regarding the possible penalties available under DMA.</li><li> For example, there are ongoing discussions with the Commission on the criteria for measuring the success of choice screens.</li></ul> <p><strong>Concerns raised by the multitude of digital regulations</strong></p> <ul class="spip" role="list"><li> There is a central question regarding whether various authorities, each equipped with its own legal instruments, will adopt a consistent approach when dealing with the same practices.</li><li> Collaboration among authorities is vital. As all digital regulations share common objectives, if one highly competent authority proposes an implementation in line with these objectives, other regulators should scrutinise why they differ in their evaluation.</li><li> As a global company striving to comply with the DMA, Google will implement the same strategies across multiple countries. It would be problematic if one authority approves Google’s compliance approach, and others don’t.</li></ul> <p><strong>Obligation of notification of concentrations introduced by Art. 14 DMA</strong></p> <ul class="spip" role="list"><li> Article 14, installing an obligation of notification of the concentrations of any services in the digital sector or enabling the collection of data is not foreseen a problem, but as a substantial increase of workload.</li><li> The introduction of Article 14 and its conjunction with Article 22 of the EU merger regulation, the To tackle the expansion of the company’s obligations, Google implemented on September 6 a system to report all transactions, including relatively small acquisitions, like acquihires.</li><li> CPS are now required to notify the Commission of every acquisition we make globally.</li></ul> <p><strong>Elodie Vandenhende </strong></p> <p><strong>NCAs’ role in the enforcement of the DMA</strong></p> <ul class="spip" role="list"><li> NCAs can still initiate cases against gatekeepers, even though it may raise questions about the efficient allocation of resources. There are also other areas beyond gatekeepers and CPSs where NCAs can take action against players who are not gatekeepers and services that are not CPS.</li><li> NCAs will play a role in updating obligations and prohibitions as new practices emerge. There is an expectation in the regulation itself that NCAs will contribute to maintaining the effectiveness of the DMA.</li><li> New investigative powers are granted to NCAs, allowing them to investigate possible cases of non-compliance by gatekeepers with Article 5, 6, and 7 of the DMA. This power could be used in cases where it is initially unclear whether a practice falls under the DMA or national competition rules.</li></ul> <p><strong>The challenges raised by the DMA for NCAs</strong></p> <ul class="spip" role="list"><li> The limited list of obligations and prohibitions in the DMA is a challenge. It is anticipated that over time, operators may request the inclusion of new practices not covered by the existing list, leading to a growing body of law.</li></ul> <p><strong>Cooperation with the European Commission</strong></p> <ul class="spip" role="list"><li> The cooperation between NCAs and the European Commission, similar to the ECN, is important. Collaborative work is key to better understand the regulation’s implications and its effects.</li><li> There is a need for the European Commission to provide guidance to NCAs on how to collaborate effectively in future cases.</li></ul> <p><strong>The digital sector as a top priority</strong></p> <ul class="spip" role="list"><li> The digital sector remains a significant priority for the French Competition Authority, which issued a roadmap in March, listing digital as a top priority area of focus.</li><li> Following the release of the Authority’s opinion on the cloud in June 2023, the competitive risks set out in this opinion will be carefully analysed by the Autorité’s investigation teams and may result in the opening of one or more litigation investigations.</li><li> The French Competition Authority is currently involved in several cases within the digital sector (e.g., the statement of objections issued this summer by the General rapporteur in the “Apple ATT” case).</li></ul> <p><strong>Challenge of parallel procedures</strong></p> <ul class="spip" role="list"><li> There is a potential issue if parallel procedures arise, for instance if both national authorities and the European Commission are involved in related cases.</li><li> Non bis in idem will be a key consideration and we should refer to the recent case law of the European Court of justice in this matter.</li></ul> <p><strong>Mette Alfter </strong></p> <p><strong>German digital rules</strong></p> <ul class="spip" role="list"><li> Germany has its own set of digital rules within its competition law, which have been enforced for nearly three years (Section 19 a).</li><li> Notably, the same companies that fall under the Commission’s jurisdiction under the DMA (Google, Meta, Amazon, Apple) have also been designated in Germany.</li><li> Amazon and Apple are appealing the German designation decision, and Microsoft is under investigation to determine whether it should be designated.</li></ul> <p><strong>Interaction of German law and the DMA</strong></p> <ul class="spip" role="list"><li> There are similarities between the German digital rules and the DMA: <ul class="spip" role="list"><li> One can essentially find all the rules of the DMA within the relevant provisions of the German competition law</li></ul></li><li> There are also differences between the German digital rules and the DMA that could potentially create tension: <ul class="spip" role="list"><li> Designation in Germany is based on loosely phrased qualitative criteria, in contrast to the DMA’s quantitative criteria. This difference in wording could lead to inconsistencies between the German rules and the DMA.</li><li> The German rules use prohibitions, and investigations are initiated once a company is designated. These prohibitions concern all activities of the gatekeeper, not just CPS.</li><li> Regarding the non-bundling rules, the DMA’s applies only to CPS, while the German rules, as interpreted, could encompass any service. This could lead to divergence.</li></ul></li><li> Andreas Mundt, the president of the Bundeskartellamt, has expressed concerns about AI. A potential targeting of AI services that are not CPS by the Bundeskartellamt, might circumvent the DMA’s jurisdiction.</li></ul> <p><strong>Limited role of economics in the DMA</strong></p> <ul class="spip" role="list"><li> The role of economics will be more limited compared to standard competition cases.</li><li> The DMA departs from the typical roles played by economics in competition cases in several ways: <ul class="spip" role="list"><li> No need for the Commission do define markets or to show dominance or market power (other than in the context of qualitative designation).</li><li> There is no need to demonstrate harm; non-compliance with the DMA’s rules is presumed to be harmful.</li><li> Unlike some national laws, there is no efficiency defence available.</li></ul></li></ul> <p><strong>Areas where economics can still help</strong></p> <ul class="spip" role="list"><li> Four areas, plus one, where economics can continue to play a role in DMA enforcement are identified.</li><li> The first area is the qualitative designation process, which relies on economic criteria such as network effects, data advantages, switching costs, lock-in, and leveraging.</li><li> The second area is the specification process, particularly with respect to Article 6, where the rules may be less clear, and economics can aid in clarifying them.</li><li> The third area is compliance, where gatekeepers must demonstrate the effectiveness of their measures, and economics might be able to help develop ex ante and ex post tests/measures of effectiveness, e.g. with respect to the design of algorithms and choice screens.</li><li> The fourth area involves assessing proportionality, where economic considerations, such as cost-benefit analysis, come into play when choosing implementation options and explaining why one approach is chosen over another.</li><li> One "Plus One" areas is FRAND (Fair, Reasonable, and Non-Discriminatory) Terms: <ul class="spip" role="list"><li> FRAND considerations apply to various aspects, such as access to app stores, search engines, social networks, and search data.</li><li> The concerns addressed by FRAND arrangements can vary, with some being vertical (e.g., between app stores and developers) and others being horizontal (e.g., in social networks).</li></ul></li></ul> <p><strong>The expectation of challenging Article 102 cases in the digital sector </strong></p> <ul class="spip" role="list"><li> Continued occurrence of challenging Article 102 cases in the digital sector is expected, due to its highly dynamic and evolving nature, and especially regarding emerging services and conduct not clearly covered by the DMA.</li><li> Article 102 can be used as a way to build an evidence base for future designations.</li><li> Cloud services, not designated under the DMA, have been investigated in the UK by Ofcom and similarly examined by the French competition authority: <ul class="spip" role="list"><li> The competition concerns in cloud services revolve around the challenge of existing customers to switch between providers.</li><li> Ofcom’s interim report found evidence of actual harm, including higher prices and customers opting for lower-quality services.</li></ul></li><li> There is a potential for cases concerning Large Language Models (LLM) and AI, which are not directly captured by the DMA as CPS. Questions also arise regarding whether LLM and AI integration qualifies as an element under the DMA.</li></ul> <p><strong>Will Hayter </strong></p> <p><strong>Similarities between the UK’s Digital Markets, Competition, and Consumers Bill (DMCC) and the DMA</strong></p> <ul class="spip" role="list"><li> Similarities between the UK Bill and the DMA are noted, including the recognition of similar problems and broad goals such as promoting competition and consumer benefits.</li></ul> <p><strong>Differences between the DMCC and DMA</strong></p> <ul class="spip" role="list"><li> Differences in scope can be noted as the DMA lists 10 CPSs, while the DMCC focuses on the concept of "strategic market status" in relation to digital activities without naming specific services.</li><li> The primary difference lies in the tools and mechanisms employed in the DMCC. For example, designation tests the DMA rely on an assessment of substantial and entrenched market power, while the DMCC does not set specific quantitative thresholds or rebuttable presumptions.</li><li> The UK Bill introduces categories of permitted conduct requirements, organised under three objectives: fair dealing, trust and transparency, and open choices.</li><li> Contrary to the DMA, specific requirements are not detailed in the bill but are left for the CMA to specify based on identified problems.</li><li> Pro-competitive interventions are introduced to address the root causes of market power, and the specific remedies are not listed in the bill but are open for CMA specification.</li></ul> <p><strong>Comparison and cooperation</strong></p> <ul class="spip" role="list"><li> A direct comparison between the DMA and the UK Bill will be possible once both sets of obligations are in place and operational.</li><li> International cooperation is essential, given the global nature of digital businesses. International spillover is already apparent in cases involving global companies like Google and their international commitments.</li><li> The UK is actively engaging with various countries and organisations to share insights and learning experiences.</li></ul> <p><strong>CMA’s initial review on AI and Foundation Models</strong></p> <ul class="spip" role="list"><li> CMA’s analysis extends to areas such as competition and consumer protection, avoiding overlapping issues like data protection, security, human rights, and intellectual property.</li><li> The impact of AI models may impact existing consumer harms is questioned. For example, regarding fake reviews, AI could either contribute to the problem (generating more convincing fake reviews) or help detect them.</li><li> The challenge of making predictions or definitive assessments about the present day is underlined. Thus, the CMA discussed both positive and negative scenarios, considering several drivers at different layers of the value chain.</li><li> The AI value chain is analysed from three perspectives: model development, model deployment, and the consumer experience. <ul class="spip" role="list"><li> The model development layer touched issues revolving around scale and access to date. Is questioned whether models will continue to grow in size or if innovations will lead to smaller, resource-efficient models.</li><li> In the deployment layer, the focus is on the rollout of AI services based on foundation models. The discussion revolves around the potential scenarios for consumer choice, switching between services, and their preference for integrated ecosystems.</li><li> In the consumer experience layer, the focus is on the information presented to consumers, including their understanding of risks and model limitations. The issue of "hallucinations" generated by AI models is explored, considering how well consumers comprehend these phenomena.</li></ul></li></ul> <p><strong>CMA’s proposed principles to counter fake reviews</strong></p> <ul class="spip" role="list"><li> CMA’s analysis on generative AI services demonstrated the potential existence of scenarios where they could generate convincing fake reviews or improve the detection of fake reviews. This creates an uncertain balance, resembling an arms race.</li><li> Seven proposed principles are outlined, including concepts like access, choice, flexibility, transparency, and accountability. These principles aim to guide the AI market towards positive outcomes.</li><li> This framework is a starting point for discussions and collaboration with international and domestic counterparts, from the Digital Regulation Forums to companies and consumer organisations. The goal is to work towards positive outcomes in the AI industry.</li></ul> <p><strong>Panel 3 - Mergers: EU, UK & US Perspectives </strong></p> <p><strong>David Cardwell</strong> moderated the discussion.</p> <p><strong>John Taladay</strong></p> <p><strong>The proposed changes to merger guidelines by U.S. authorities</strong></p> <ul class="spip" role="list"><li> The proposed changes to the merger guidelines reflect an adversarial stance towards mergers in general. The modifications seem to emphasise presumptions of illegality in the merger evaluation process: <ul class="spip" role="list"><li> Reductions in the Herfindahl-Hirschman Index (HHI) thresholds are made. Most mergers resulting in a market concentration ratio of six to five or less could be viewed as anticompetitive.</li><li> A presumption of unlawfulness is imposed for mergers resulting in a 30% or more market share, with limited opportunities to rebut these presumptions through competitive effects analysis.</li><li> The scope of defences, such as efficiency claims, that merging parties can present appear to have been reduced.</li></ul></li><li> These changes are based on old case law, not reflecting the developments in the past 30 years, especially in the field of economics.</li><li> However, we should be less concerned about these proposed guidelines is encouraged, as that they hold no legal weight in the U.S., where legal precedents are established by courts.</li></ul> <p><strong>The changes to the Hart-Scott-Rodino (HSR) reporting Act</strong></p> <ul class="spip" role="list"><li> The changes to the HSR are considered more aggressive and are expected to take immediate effect without going through a rulemaking process. They are already open for public comment and may take effect possibly as soon as January 1st.</li><li> The modified requirements are expected to result in a more burdensome reporting process for transactions in the U.S., affecting how mergers are evaluated and the information that must be provided.</li><li> The purpose of those changes can be seen as an explicit attempt to deter mergers, extending beyond illegal mergers.</li><li> Those significant changes include: <ul class="spip" role="list"><li> The filing fees for large deals have significantly been raised from $280,000 to $2.25 million, representing an eight-fold increase.</li><li> There is a substantial increase in the reporting burden for every notification, leading to more time and higher costs for businesses.</li><li> New detailed reporting requirements in the form of more detailed transaction information and additional competition-related documents (e.g., companies will now be obliged to translate all documents), a lot of go beyond even what is required for a Form CO</li><li> Importantly, the changes do not grant the agency any additional authority or enforcement capabilities.</li></ul></li></ul> <p><strong>Ecosystem theory of harm</strong></p> <ul class="spip" role="list"><li> Significant action on this matter is not anticipated in the US as the agencies lack the authority to move in that direction. Moreover, they haven’t been able to secure legislative authority for digital regulation, making broader ecosystem regulation less likely.</li></ul> <p><strong>Recent merger cases in the US</strong></p> <ul class="spip" role="list"><li> The DOJ and FTC have faced challenges in six out of their last eight merger cases.</li><li> The two successful cases were both horizontal mergers - American Airlines / Jet Blue and Penguin Random House / Simon & Schuster.</li><li> The FTC has faced difficulties in challenging vertical foreclosure cases and hasn’t succeeded in such a case for several years, dating back to the AT&T / Time Warner merger nearly eight years ago.</li><li> Some of these vertical cases also had horizontal aspects, with parties having remedies and buyers lined up by trial in relation to horizontal aspects.</li><li> The courts’ stance on purely vertical theories, requiring stronger evidentiary support contributed to agencies having been largely unsuccessful in such cases.</li></ul> <p><strong>The significance of the Meta Within case</strong></p> <ul class="spip" role="list"><li> The challenge was based on the premise that Meta, if not for the acquisition, would develop its virtual reality fitness app.</li><li> The FTC failed in this case, facing the court’s insistence on a higher burden of proof regarding potential competition, despite claiming victory in this case.</li><li> The case raises broader implications regarding how courts evaluate acquisitions by platforms in the United States. Indeed, courts are less likely to assume that the expansion of a platform inherently poses a problem.</li></ul> <p><strong>Birthe Panhans </strong></p> <p><strong>The easier approval of non-problematic mergers provided by the recent EU simplification package</strong></p> <ul class="spip" role="list"><li> The package expands the scope of cases falling under the simplified procedure, by increasing the thresholds. This streamlines the process and allows for faster notifications. The streamlined process is accompanied by a more efficient Form CO, which also contributes to quicker notifications.</li><li> Certain cases have connection with the EEA, yet companies meeting the relevant thresholds must notify the EU authorities. Here, the pre-notification phase is eliminated, allowing companies to proceed directly to notification, and the EU authorities process them promptly.</li><li> Non affected markets will receive less scrutiny in normal cases.</li></ul> <p><strong>The revised market definition notice project</strong></p> <ul class="spip" role="list"><li> This revision would provide updated guidance on market definition, reflecting developments in case law and market practices as current notice dates back to 1997.</li><li> The revised notice will further expand market definition principles, offer numerous examples, and address topics not previously covered, such as defining markets with significant innovation investments and multi-sided markets.</li></ul> <p><strong>Case-by-case approach</strong></p> <ul class="spip" role="list"><li> The fact that the approval process is not solely based on existing guidelines is emphasised, as it also involves an individualised approach to each case.</li><li> The EU authorities consider each case’s unique characteristics and circumstances during the review process.</li></ul> <p><strong>EU Merger cases and the direction taken by merger enforcement </strong></p> <ul class="spip" role="list"><li> The Court of Justice’s ruling in the CK Telecoms judgement of July 2023, which related to a horizontal merger in an oligopolistic market, came as a relief to enforcers as the General Court’s decision had raised the applicable standards of proof.</li><li> The Court of Justice however clarified that the applicable standard of proof is ‘more likely than not’ SIEC standard and that merging parties have to prove efficiencies; these cannot be assumed.</li><li> Other judgments are anticipated (e.g., Illumina / Grail, Booking / eTraveli) and it will be interesting to see whether the courts will endorse the theories presented by the Commission.</li></ul> <p><strong>Commission’s approach to the Booking.com case</strong></p> <ul class="spip" role="list"><li> The departure from non-horizontal merger guidelines is a significant shift based on enforcing the merger regulation directly. This approach aligns with the court’s perspective in the CK Telecoms case.</li><li> This shift stems from recommendations by the digital experts panel, emphasising the importance of assessing dominance and entrenchment.</li><li> Efficiencies were indeed evaluated, and while they might not be detailed in the press release, the findings will be available upon the publication of the decision.</li></ul> <p><strong>Joan de Solà-Morales</strong></p> <p><strong>EU Commission’s draft market definition notice</strong></p> <ul class="spip" role="list"><li> In a global context where market definition has been demoted by certain competition authorities, the Commission’s reaffirmation of the usefulness of market definition is commendable.</li><li> Some disagreements with specific elements of the draft are expressed, but its value to practitioners should be recognized.</li><li> Updates to the existing merger guidelines (horizontal and non-horizontal) are needed, notably there is a need to reference recent cases to maintain its relevance given the significant time that has passed since their introduction.</li></ul> <p><strong>Initial thoughts on the Booking.com case</strong></p> <ul class="spip" role="list"><li> The European Commission expressed concerns about Booking.com’s alleged dominance in the market for online hotel booking, and that such alleged dominance could be exacerbated by Booking.com’s acquisition of a firm in an adjacent market (market for flight search sites). The central theory is that this acquisition might enable Booking.com to raise entry and expansion barriers within its core market (hotel search sites).</li><li> This comes from a broader policy objective – the Commission is worried about potential sources of market power within the technology sector, and about the extent to which sub market power may be defended or expanded via “defensive” acquisitions of players in adjacent markets. But there are big problems with the conceptual framework and methodology used to investigate these issues in this case.</li><li> In economic terms, this is a rather simple conglomerate case, involving two firms in complementary service markets.</li><li> In this case, there is a departure from the established approach that the Commission has followed to assess similar theories of harm in past cases, also in the technology sector (e.g., Google Fitbit):</li><li> There is a clear departure from the non-horizontal merger guidelines and the approach set out there. The Commission shifted away from the economic assessment criteria, particularly the examination of ability, incentives, and effects,</li><li> There is an effective application of a dominance test, rather than a SIEC test that was established as part of the 2004 merger reform.</li><li> There is an effective endorsement of an “efficiency offence” type of logic, negating the pro-competitive effects of bundling and tying practices which are well established in the economics literature and in the Commission’s Non-Horizontal Merger Guidelines of 2008.</li></ul> <p><strong>Potential Competition</strong></p> <ul class="spip" role="list"><li> There is growing interest of regulatory authorities in assessing potential competition theories of harm (e.g., Illumina Grail, Sabre/Farelogix). In general terms, this interest is reasonable, given the necessary forward-looking nature of merger control.</li><li> However, there are four primary issues that emerge regularly in assessments of potential competition:</li><li> The need for more comprehensive information about the future competitive landscape, which requires greater access to data and documents held by rivals or potential rivals, and not only the merging parties.</li><li> The inherently qualitative nature of a potential competition assessment and the call for more quantitative analysis, involving probabilities, magnitudes of competitive constraints, and likely future differentiation among rivals.</li><li> The discretion exercised by analysts and competition authorities in potential competition assessment, leading to important differences of case outcomes across jurisdictions.</li><li> The importance of applying the same standards to the assessment of entry and expansion by rivals in cases where the merging parties are already competing, to ensure coherence in the application of merger control.</li></ul> <p><strong>Ricardo Zimbron</strong></p> <p><strong>Legislative amendments and heightened competition in the UK</strong></p> <ul class="spip" role="list"><li> These legislative changes will enhance the regulatory capacity of the CMA to scrutinise transactions more comprehensively.</li><li> The DMCC bill emerges as a pivotal instrument aimed at addressing the intricate challenges confronted by the CMA when asserting jurisdiction over "killer acquisitions." It proposes a new jurisdictional test and introduces a novel fast-track procedure, designed to permit companies to navigate directly to a Phase Two merger investigation without conceding that the transaction results in a substantial lessening of competition.</li><li> The introduction of obligatory reporting criteria for firms designated as Strategic Market Status (SMS) entities will enhance the transparency surrounding acquisition activities, and the CMA will have 5 Working Days to decide whether to start an investigation into the notified acquisition.</li><li> In response to the newly established reporting requisites, an escalation of the CMA’s regulatory oversight in response is anticipated.</li></ul> <p><strong>Booking.com case</strong></p> <ul class="spip" role="list"><li> Despite an alignment on the theory of harm, the CMA and the European Commission arrived at different conclusions in the Booking case.</li><li> The theory of harm in question revolved around the idea of increasing barriers to entry by an incumbent player with established market power, increasing barriers to entry a concept well within the purview of competition law.</li><li> The CMA’s deviation from the Commission’s perspective can notably be attributed to varying market positions and distinct customer behaviours in the UK compared to other European nations.</li></ul> <p><strong>Growing focus on dynamic competition in the digital markets</strong></p> <ul class="spip" role="list"><li> Dynamic competition can be used to both identify competitive issues and justifying merger clearances. Fairness is key in evaluating dynamic competition i.e., taking into account the perspectives of all parties involved.</li><li> In Meta / Giphy, the CMA found that Giphy was engaged in digital advertising and was likely to become a close competitor to Meta in display advertising.</li><li> In Viasat / Inmasa, which involved two entities in satellite connectivity services, concerns could be raised in accordance with standard horizontal analysis. However, an evaluation of potential entrants pioneering low earth orbit satellites and their potential to provide similar services demonstrated that blocking the merger was not warranted.</li><li> Dynamic competition’s pivotal role is emphasised in the assessment and clearance of mergers, even when some level of uncertainty is present. It is predicted that ecosystem dynamics will play a pivotal role in the scrutiny of future digital mergers.</li></ul><h2 class="h2">DOCUMENTATION</h2> <p><i>If you would like to read about this event’s topic, you can access the following Concurrences documents. If you do not have access, please inquire for Subscription <a href="https://www.concurrences.com/en/page/subscriptions/">here</a></i>.</p> <p><strong>Panel 1 - Abuse: Enforcement Priorities & Guidelines</strong></p> <p>1. <a href="https://www.concurrences.com/en/bulletin/news-issues/may-2023/the-french-competition-authority-issues-interim-measures-against-a-social-media">French Competition Authority, The French Competition Authority issues interim measures against a social media giant over an alleged abuse of dominance in the online ad verification sector (Meta), 4 May 2023</a></p> <p>2. <a href="https://www.concurrences.com/en/bulletin/news-issues/march-2023/the-eu-commission-announces-guidelines-on-exclusionary-abuses-and-amends">European Commission, The EU Commission announces Guidelines on exclusionary abuses and amends Guidance on enforcement priorities, 27 March 2023</a></p> <p>3. <a href="https://www.concurrences.com/en/bulletin/news-issues/march-2023/the-eu-court-of-justice-confirms-that-the-national-authorities-can-review-ex">Katarzyna Czapracka, Jérémie Jourdan, Assimakis Komninos, Tilman Kuhn, Nina Frie, The EU Court of Justice confirms that the national authorities can review ex post below-threshold mergers under abuse of dominance rules (Towercast), 16 March 2023</a></p> <p>4. <a href="https://www.concurrences.com/en/bulletin/news-issues/march-2023/the-german-competition-authority-closes-an-abuse-of-dominance-investigation-in">Anita Malec, The German Competition Authority closes an abuse of dominance investigation in the market for armoured transport vehicle maintenance following supply commitments by an armoured vehicle diagnostics service provider (Rheinmetall Landsysteme / FFG Flensburg Fahrzeugbau), 13 March 2023</a></p> <p>5. <a href="https://www.concurrences.com/en/review/issues/no-2-2023/chroniques/respect-for-freedom-of-expression-the-paris-court-of-appeal-overturns-the">Claire Mongouachon, Respect for freedom of expression: The Paris Court of Appeal overturns the decision of the Competition Authority in its entirety, rejecting the complaints of abuse of collective dominance in the AMD treatment sector (Novartis ; Roche ; Genentech), 16 February 2023</a></p> <p>6. <a href="https://www.concurrences.com/en/bulletin/news-issues/january-2023/the-eu-court-of-justice-finds-a-major-fmcg-company-liable-for-abuse-of">European Court of Justice, The EU Court of Justice finds a major FMCG company liable for abuse of dominance due to exclusivity clauses imposed by its independent distributors on operators of sale outlets (Unilever Italia), 19 January 2023</a></p> <p>7. <a href="https://www.concurrences.com/en/review/issues/no-2-2023/chroniques/critical-infrastructure-theory-the-court-of-justice-of-the-european-union">Marie Cartapanis, Essential infrastructure: The Court of Justice of the European Union rejects the Bronner test when the abusive conduct manifests itself in the dismantling of a railway infrastructure (Lietuvos geležinkeliai), 12 January 2023</a></p> <p><strong>Panel 2 - Digital: Regulation of Platforms</strong></p> <p>1. <a href="https://www.concurrences.com/en/bulletin/news-issues/june-2023/the-german-competition-authority-publishes-the-final-report-on-its-sector-112781">German Competition Authority, The German Competition Authority publishes the final report on its sector inquiry into non-search online advertising which confirms the significant market position of a Big Tech company (Alphabet / Google), 30 May 2023</a></p> <p>2. <a href="https://www.concurrences.com/en/bulletin/news-issues/may-2023/the-eu-general-court-dismisses-an-action-brought-by-a-bigtech-firm-against-a">European Court of Justice, The EU General Court dismisses an action brought by a BigTech firm against a Commission decision seeking the disclosure of documents identified by means of search terms on the grounds that the decision is consistent with the principle of proportionality (Meta), 24 May 2023</a></p> <p>3. <a href="https://www.concurrences.com/en/bulletin/news-issues/may-2023/the-french-competition-authority-issues-interim-measures-against-a-social-media">French Competition Authority, The French Competition Authority issues interim measures against a social media giant over an alleged abuse of dominance in the online ad verification sector (Meta), 4 May 2023</a></p> <p>4. <a href="https://www.concurrences.com/en/review/issues/no-2-2023/foreword/dsa-dma-now-it-s-time-for-a-successful-implementation">Thomas Courbe, DSA / DMA: Now it’s time for a successful implementation !, May 2023</a></p> <p>5. <a href="https://www.concurrences.com/en/bulletin/news-issues/preview/apple-also-subject-to-provisions-for-large-digital-companies-under-section-19a">German Competition Authority, The German Competition Authority holds that a Big Tech is an undertaking of paramount significance for competition across markets and consequently, is subject to the provisions for large digital companies under the Competition Act (Apple), 5 April 2023</a></p> <p>6. <a href="https://www.concurrences.com/en/bulletin/news-issues/preview/the-us-ftc-opens-a-request-for-information-regarding-the-business-practices-of">US Federal Trade Commission, The US FTC opens a request for information regarding the business practices of cloud computing providers that could impact competition and data security in the healthcare, finance, transportation, e-commerce and defence industries, 22 March 2023</a></p> <p>7. <a href="https://www.concurrences.com/en/bulletin/news-issues/february-2023-4498/the-uk-competition-authority-provisionally-holds-that-the-68-7b-acquisition-of">UK Competition Authority, The UK Competition Authority provisionally holds that the $68.7B acquisition of a gaming firm will lead to higher prices and fewer choices for UK gamers (Microsoft / Activision), 8 February 2023</a></p> <p>8. <a href="https://www.concurrences.com/en/review/issues/no-1-2023/law-economics/data-act-and-competition-an-ambivalent-relationship">Wolfgang Kerber, Data Act and competition: An ambivalent relationship, February 2023</a></p> <p><strong> Panel 3 - Mergers: EU, UK & US Perspectives</strong></p> <p>1.<a href="https://www.concurrences.com/en/bulletin/news-issues/preview/mergers-commission-clears-acquisition-of-lagardere-by-vivendi-subject-to">European Commission, The EU Commission clears the acquisition of a major media group with significant publishing operations by a rival (Lagardère / Vivendi), 9 June 2023</a></p> <p>2.<a href="https://www.concurrences.com/en/bulletin/news-issues/preview/mergers-commission-sends-booking-statement-of-objections-over-proposed">European Commission, The EU Commission sends an online hotel booking platform a Statement of Objections over its proposed acquisition of an online flight booking platform (Booking / eTraveli), 9 June 2023</a></p> <p>3.<a href="https://www.concurrences.com/en/bulletin/news-issues/preview/the-uk-competition-appeal-tribunal-announces-the-receipt-of-an-application-to">Ronan Scanlan, The UK Competition Appeal Tribunal announces the receipt of an application to review the Competition Authority’s decision to prohibit the acquisition of a leading video game publisher (Microsoft / Activision Blizzard), 26 May 2023</a></p> <p>4.<a href="https://www.concurrences.com/en/bulletin/news-issues/june-2023/the-eu-commission-approves-a-merger-between-two-swiss-banks-and-permits-a">European Commission, The EU Commission approves a merger between two Swiss banks and permits a derogation from the standstill obligation (Credit Suisse / UBS), 25 May 2023</a></p> <p>5.<a href="https://www.concurrences.com/en/bulletin/news-issues/june-2023/the-us-ftc-signals-its-pleasure-that-two-medical-device-manufacturers-have">US Federal Trade Commission, The US FTC welcomes news that two medical device manufacturers have abandoned their proposed merger following investigations by multiple National Competition Authorities (Boston Scientific / M.I. Tech Co.), 24 May 2023</a></p> <p>6.<a href="https://www.concurrences.com/en/review/issues/no-2-2023/international/uk-trends-in-merger-control-post-brexit-fresh-out-of-the-oven">David M. Harrison, Sarah Wilks, Ruth Neligan, UK : Trends in merger control post-Brexit : Fresh out of the oven, May 2023</a></p> <p>7.<a href="https://www.concurrences.com/en/bulletin/news-issues/preview/the-uk-competition-authority-blocks-a-68-7b-deal-to-acquire-a-leading-video">Reign Lee, The UK Competition Authority blocks a $68.7B deal to acquire a leading video game publisher (Microsoft / Activision Blizzard), 26 April 2023</a></p> <p>8. <a href="https://www.concurrences.com/fr/bulletin/news-issues/february-2023/the-us-doj-withdraws-policy-statements-in-the-healthcare-industry-to-signal-an">Eileen M. Cole, Anna Aryankalayil, Craig Falls, The US DoJ withdraws policy statements in the healthcare industry to signal an increased scrutiny on mergers, joint ventures, group purchasing and information sharing, 3 February 2023</a></p> </div> </div> <div class="crayon article-ps-112853 ps"><p><em><a href="https://be.linkedin.com/in/theodore-markovic-2449a3b2" class="spip_out" rel="external">Photos © Theodore Markovic</a></em></p></div> </div> </div> <footer class="section__footer section__footer_actions section__footer_sticky"> <button class="btn-toggle" data-idc-toggle="slide" data-idc-target="#more_texte_article_112853" id="toggle_more_texte_article_112853"> <b class="label label_open">Read More </b><span aria-hidden><i class="picto picto-toggle"></i></span> </button> </footer> </div> <script type="text/javascript"> jQuery(function(){ jQuery('.content-inner-more:empty').closest('.section__content').next('.section__footer').hide(); }) </script> <aside class="section section_longform 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<span class="type"><span class="sep"> - </span>MP3</span><span class="poids"><span class="sep"> - </span>44 MiB</span><span class="duree"><span class="sep"> - </span>32m03s</span> </p> </article> </li> <li class="item short track" data-url="IMG/mp3/panel_1_-_abuse_-_enforcement_priorities_guidelines.mp3" title="Panel 1 - Abuse - Enforcement Priorities & Guidelines"> <article class="entry document spip_doc mp3"> <a href="IMG/mp3/panel_1_-_abuse_-_enforcement_priorities_guidelines.mp3?114069/fdd07af5405d25fefd6b25035d8cdfb4d6c85b9354f680ee57b2c3a68bb7d603" rel="download" class="audio-download" type="audio/mpeg" title="Upload MP3 - 103.5 MiB" download="Panel 1 - Abuse - Enforcement Priorities & Guidelines"><span class="icon-telecharger"></span><span>Upload</span></a> <strong class="h3-like entry-title">Panel 1 - Abuse - Enforcement Priorities & Guidelines</strong> <p class="publication"><time pubdate="pubdate" datetime="2023-10-05T11:17:07Z"><i class="icon-calendar"></i> 5 October 2023</time> <span class="type"><span class="sep"> - </span>MP3</span><span class="poids"><span class="sep"> - </span>103.5 MiB</span><span class="duree"><span class="sep"> - </span>1h15m20s</span> </p> </article> </li> <li class="item short track" data-url="IMG/mp3/panel_2_-_digital_-_regulation_of_platforms.mp3" title="Panel 2 - Digital - Regulation of Platforms"> <article class="entry document spip_doc mp3"> <a href="IMG/mp3/panel_2_-_digital_-_regulation_of_platforms.mp3?114066/fedd5f9627cd5171c27e7ba107dee4507dc5f470ec30ce94284677809f69612b" rel="download" class="audio-download" type="audio/mpeg" title="Upload MP3 - 114.1 MiB" download="Panel 2 - Digital - Regulation of Platforms"><span class="icon-telecharger"></span><span>Upload</span></a> <strong class="h3-like entry-title">Panel 2 - Digital - Regulation of Platforms</strong> <p class="publication"><time pubdate="pubdate" datetime="2023-10-05T11:06:14Z"><i class="icon-calendar"></i> 5 October 2023</time> <span class="type"><span 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</div> </div> </div> </div> </div> <script type="text/javascript"> function switch_album(id_album) { var albums = jQuery(this).closest('.albums').find('.album-documents'); if (albums.length) { var target = albums.filter('#album'+id_album); if (target.length && !target.is(':visible')) { // d'abord charger les images target.find('img[data-src]').each(function(){ var me = jQuery(this); var src = me.attr('data-src'); me.attr('src', src); me.attr('data-src',null); console.log(me); }); albums.filter(':visible').slideUp('fast'); target.hide().removeClass('hide').slideDown('fast'); } jQuery(this).addClass('on').siblings('.on').removeClass('on'); } return false; } jQuery(function() { // selectionner tous les liens vers des images var medias = jQuery('.albums').find('.link-media').not('.hasbox'); active_collection_popin(medias); }); </script> </div> </aside> </article> </main> <aside class="aside secondary" id="aside"> <h2>Speakers</h2> <div class="auteurs"> <ul class="liste-items liste-items-well"> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/auteurs/elodie-vandenhende" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L99xH100/elodie_2-04c80.jpg?1711361371) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Elodie Vandenhende</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">French Competition Authority (Paris)</span> </div> <div class="entry-meta"> <span class="pays">France</span> <span class="articles"><em>4</em> contributions</span> <span class="visites"><em>3355</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/auteurs/annemiek-wilpshaar" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/annemiek-removebg-preview_1_-bef70.png?1711361371) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Annemiek Wilpshaar</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">European Commission - DG COMP (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>3</em> contributions</span> <span class="visites"><em>3740</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/paul-lugard" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/380--lugardpaul_2_-d64af.jpg?1713946532) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Paul Lugard</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Baker Botts (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>33</em> contributions</span> <span class="visites"><em>23994</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/auteurs/chris-boyd-kirkland-com" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/photo_1_-5-336ec.jpg?1711359211) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Chris Idermark-Boyd</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Saudi Aramco (Dhahran)</span> </div> <div class="entry-meta"> <span class="pays">Saudi Arabia</span> <span class="articles"><em>2</em> contributions</span> <span class="visites"><em>1591</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/damien-gerard" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/dgerard-01_edited-f7d64.jpg?1711359452) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Damien Gerard</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Belgian Competition Authority (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>22</em> contributions</span> <span class="visites"><em>50384</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/auteurs/aleksandra-boutin" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:98%;overflow:hidden;background:url(local/cache-vignettes/L100xH97/auton33041-c553b.png?1711359452) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Aleksandra Boutin</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Berkeley Research Group (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>10</em> contributions</span> <span class="visites"><em>19723</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/matthew-levitt" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/auton1306-b6c00.jpg?1711359246) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Matthew Levitt</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Baker Botts (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>31</em> contributions</span> <span class="visites"><em>33052</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/tero-louko" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/auton37260-6f7c6.jpg?1711361371) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Tero Louko</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Google (Stockholm)</span> </div> <div class="entry-meta"> <span class="pays">Sweden</span> <span class="articles"><em>6</em> contributions</span> <span class="visites"><em>5799</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/will-hayter" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/will_hayter_p-49d44.jpg?1711359566) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Will Hayter</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">UK Competition & Markets Authority - CMA (London)</span> </div> <div class="entry-meta"> <span class="pays">United Kingdom</span> <span class="articles"><em>2</em> contributions</span> <span class="visites"><em>3283</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/auteurs/mette-alfter" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/auton13500-f6643.png?1711361371) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Mette Alfter</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Frontier Economics (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>3</em> contributions</span> <span class="visites"><em>4340</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/david-cardwell" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/auton38475-4a879.jpg?1711359746) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">David Cardwell</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Baker Botts (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>11</em> contributions</span> <span class="visites"><em>10181</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/auteurs/birthe-panhans" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/auton74629-e6091.png?1711361371) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Birthe Panhans</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">European Commission - DG COMP (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>4</em> contributions</span> <span class="visites"><em>6696</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/joan-de-sola-morales" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/joan_de_sola_-morales_2_1-57f30.jpg?1711361371) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Joan de Solà-Morales</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">RBB Economics (Brussels)</span> </div> <div class="entry-meta"> <span class="pays">Belgium</span> <span class="articles"><em>2</em> contributions</span> <span class="visites"><em>1536</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/ricardo-zimbron" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/1627894090037-3a910.jpg?1726652630) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Ricardo Zimbron</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Cleary Gottlieb Steen & Hamilton (London)</span> </div> <div class="entry-meta"> <span class="pays">United Kingdom</span> <span class="articles"><em>4</em> contributions</span> <span class="visites"><em>2887</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/miguel-perez-guerra" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/image_1_-d75e0.jpg?1711361371) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Miguel Perez Guerra</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">AB InBev (London)</span> </div> <div class="entry-meta"> <span class="pays">United Kingdom</span> <span class="articles"><em>1</em> contribution</span> <span class="visites"><em>1472</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/john-taladay" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/1516747218915-2-3e13d.jpg?1732640178) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">John Taladay</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Baker Botts (Washington)</span> </div> <div class="entry-meta"> <span class="pays">United States</span> <span class="articles"><em>14</em> contributions</span> <span class="visites"><em>11438</em> visits</span> </div> </div></li> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/maureen-ohlhausen" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/380--ohlhausenmaureen-95f2d.jpg?1711359306) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Maureen Ohlhausen</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Wilson Sonsini Goodrich & Rosati (Washington)</span> </div> <div class="entry-meta"> <span class="pays">United States</span> <span class="articles"><em>24</em> contributions</span> <span class="visites"><em>32379</em> visits</span> </div> </div></li> </ul> </div> </aside> <aside class="extra secondary" id="extra"> <div class="list list_events list_events_articles list_events_aside"> <h2 class="list__heading h4"> <a href="en/events/">Recent events</a> </h2> <ul class="list__items"> <li class="list__item"> <article class="preview preview_event preview_event_article preview_event_simple-alt" id="evenement_6784" itemscope itemtype="http://schema.org/Event" > <header class="preview__header"> <span itemprop="name" class="preview__heading crayon article-titre-123789 "> <a itemprop="url" class="url" href="en/events/exclusive-dinner-with-guillaume-loriot"> Dinner with Guillaume Loriot (DG COMP) </a> </span> </header> <div class="preview__img"> <picture class="adapt-img-wrapper c3989082638 jpg" style="background-image:url(data:image/svg+xml;base64,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)"> 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date" datetime="2025-02-13 19:00:00"> <span class="date"><span class="dm"><span class="d">13 </span><span class="m">Feb</span></span><span class="y"> 2025</span></span> </time> <meta itemprop="startDate" value="2025-02-13T18:00:00Z"> <meta itemprop="endDate" value="2025-02-13T21:00:00Z"> <span class="preview__meta preview__meta_location" itemprop="location">Paris</span> </div> <div class="preview__content"> <a href="en/events/exclusive-dinner-with-guillaume-loriot" class="view-more view-more_doc"><i class="idc-icon idc-icon_file"></i> See documents</a> </div> <div class="preview__extra"> <ul class="authors"> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/guillaume-loriot" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Guillaume Loriot<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteurs/severine-schrameck" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Séverine Schrameck<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/frederic-de-bure" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Frédéric de Bure<span class="sep"> & </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/benoit-durand" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Benoît Durand</span> </a> </li> </ul> </div> </article> </li> <li class="list__item"> <article class="preview preview_event preview_event_article preview_event_simple-alt" id="evenement_6685" itemscope itemtype="http://schema.org/Event" > <header class="preview__header"> <span itemprop="name" class="preview__heading crayon article-titre-119364 "> <a itemprop="url" class="url" href="en/events/cartels-workshop-an-advanced-seminar-on-substantive-and-procedural-eu-119364"> Cartels Workshop - An Advanced Seminar On Substantive And Procedural Eu Developments </a> </span> </header> <div class="preview__img"> <picture class="adapt-img-wrapper c2245890629 jpg" 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media="(-webkit-min-device-pixel-ratio: 1), (min-resolution: 1dppx)" srcset="local/adapt-img/320/10x/local/cache-vignettes/L750xH500/20250123_cartel_workshop_130-2-bd076.jpg@.webp?1737987565 320w, local/adapt-img/640/10x/local/cache-vignettes/L750xH500/20250123_cartel_workshop_130-2-bd076.jpg@.webp?1737737405 640w, local/adapt-img/750/10x/local/cache-vignettes/L750xH500/20250123_cartel_workshop_130-2-bd076.jpg@.webp?1737733706 750w" sizes="(min-width: 960px) 960px, 100vw" type="image/webp"> <img src='local/adapt-img/750/10x/local/cache-vignettes/L750xH500/20250123_cartel_workshop_130-2-bd076.jpg?1737734408' class='adapt-img spip_logo' alt="alt" width='750' height='500' itemprop='image' srcset='local/adapt-img/320/10x/local/cache-vignettes/L750xH500/20250123_cartel_workshop_130-2-bd076.jpg?1737893454 320w, local/adapt-img/640/10x/local/cache-vignettes/L750xH500/20250123_cartel_workshop_130-2-bd076.jpg?1737740335 640w, local/adapt-img/750/10x/local/cache-vignettes/L750xH500/20250123_cartel_workshop_130-2-bd076.jpg?1737734408 750w' sizes='(min-width: 960px) 960px, 100vw' /></picture> </div> <div class="preview__metas"> <time class="preview__meta preview__meta_date date" datetime="2025-01-23 12:00:00"> <span class="date"><span class="dm"><span class="d">23 </span><span class="m">Jan</span></span><span class="y"> 2025</span></span> </time> <meta itemprop="startDate" value="2025-01-23T11:00:00Z"> <meta itemprop="endDate" value="2025-01-23T15:00:00Z"> <span class="preview__meta preview__meta_location" itemprop="location">Brussels</span> </div> <div class="preview__content"> <a href="en/events/cartels-workshop-an-advanced-seminar-on-substantive-and-procedural-eu-119364" class="view-more view-more_doc"><i class="idc-icon idc-icon_file"></i> See documents</a> </div> <div class="preview__extra"> <ul class="authors"> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/stanislas-martin" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Stanislas Martin<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteurs/jorge-ferreira" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Jorge Ferreira<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteurs/alfredos-theodorakopoulos" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Alfredos Theodorakopoulos<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteur/Konrad-Ost" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Konrad Ost<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/kyriakos-fountoukakos" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Kyriakos Fountoukakos<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/marcel-nuys" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Marcel Nuys<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteurs/kjersti-bjerkebo" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Kjersti Bjerkebo<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteur/Maria-Jaspers" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Maria Jaspers<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/rudiger-dohms" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Rüdiger Dohms<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/tobias-p-maass" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Tobias P. Maass<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/gregor-langus" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Gregor Langus<span class="sep"> & </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteur/Camille-Puech-Baron" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Camille Puech-Baron</span> </a> </li> </ul> </div> </article> </li> <li class="list__item"> <article class="preview preview_event preview_event_article preview_event_simple-alt" id="evenement_6641" itemscope itemtype="http://schema.org/Event" > <header class="preview__header"> <span itemprop="name" class="preview__heading crayon article-titre-123391 "> <a itemprop="url" class="url" href="en/events/the-tech-antitrust-conference-123391"> The Tech Antitrust Conference </a> </span> </header> <div class="preview__img"> 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date" datetime="2025-01-16 08:00:00"> <span class="date"><span class="dm"><span class="d">16 </span><span class="m">Jan</span></span><span class="y"> 2025</span></span> </time> <meta itemprop="startDate" value="2025-01-16T07:00:00Z"> <meta itemprop="endDate" value="2025-01-16T14:00:00Z"> <span class="preview__meta preview__meta_location" itemprop="location">Palo Alto</span> </div> <div class="preview__content"> <a href="en/events/the-tech-antitrust-conference-123391" class="view-more view-more_doc"><i class="idc-icon idc-icon_file"></i> See documents</a> </div> <div class="preview__extra"> <ul class="authors"> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/marc-besen" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Marc Besen<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/mark-a-israel-48078" itemprop="url" class="authors__link"> <span 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Ginsburg<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/auteurs/andrea-marvan-saltiel" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Andrea Marván Saltiel<span class="sep">, </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/rosie-lipscomb" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Rosanna Garza Lipscomb<span class="sep"> & </span></span> </a> </li> <li class="authors__item" itemtype="http://schema.org/Person"> <a href="en/authors/sharis-pozen" itemprop="url" class="authors__link"> <span itemprop="name" class="authors__name">Sharis Pozen</span> </a> </li> </ul> </div> </article> </li> <li class="list__item"> <article class="preview preview_event preview_event_article preview_event_simple-alt" id="evenement_6768" itemscope itemtype="http://schema.org/Event" > <header class="preview__header"> <span itemprop="name" class="preview__heading crayon article-titre-123334 "> <a itemprop="url" class="url" href="en/events/rent-capture-and-innovation-in-the-life-sciences-industry"> Rent Capture and Innovation in the Life Sciences Industry </a> </span> </header> <div class="preview__img"> <picture class="adapt-img-wrapper c1158805912 jpg" style="background-image:url(data:image/svg+xml;base64,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)"> 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