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href="//en/dictionary/price-signaling#auteur" data-target="#auteur"><span class="picto-round picto-auteur"><img src='squelettes/img/picto-glossaire-auteur.svg?1619777159' alt='' width='20' height='19' /></span><span class="menu-glossaire-item-label">Author Definition</span></a></li> <li class='mav-item menu-glossaire-item menu-glossaire-item-index'><button class="btn btn-link collapsed" role="button" data-target="#index" aria-expanded="false" aria-controls="index"><span class="picto-round picto-index"><img src='squelettes/img/picto-glossaire-index.svg?1619777159' alt='' width='20' height='18' /></span><span class="menu-glossaire-item-label">Table of contents</span></button></li></ul></div> <header class="section section_primary section_cols section_cartouche"> <div class="section__container"> <div class="cartouche cartouche_glossaire"> <h1 class="cartouche__heading" id="start"> <span class="start-mire"></span> <span class="crayon article-titre-112147 ">Price signalling</span> </h1> </div> </div> </header> <section class="section section_primary section_cols section_author scrollable-anchor"> <div class="section__container"> <div class="section__main"> <h2 class="section__heading" id="auteur"> <span>Author Definition</span> </h2> <div class="section__content"> <div class="definition-section"> <h3 id="part-apercu" class="definition-section-title">Definition</h3> <div class="crayon article-chapo-112148 apercu surlignable"><p>The notion “price signalling” is generally understood as the unilateral, public exchange of information concerning the future market behaviour of an <a href="https://www.concurrences.com/en/dictionary/undertaking-notion">undertaking</a> that depending on the facts at hand may lead to illegal coordination between competitors. “Signalling” is not a legal notion and should be understood broadly to comprise not only unilateral, public exchange of information concerning the future intended or binding <a href="https://www.concurrences.com/en/dictionary/price">prices</a> of an undertaking but also, e.g., exchange of information on future output and commercial strategy.</p> <p>In contrast to a private exchange of information – in this context <a href="https://www.concurrences.com/en/dictionary/exchange-of-information">exchange of information</a> taking place directly between competitors - pure price signalling concerns only public or indirect exchange of information through publicly available means where the exchanged information is equally accessible to all competitors and customers. Typical examples are posts on publically available websites, press releases, newsletters, statements made during the earnings calls of public companies, on conventions or in public media such as TV, radio, newspapers, trade journals etc.</p></div> </div> <div class="definition-section"> <h3 id="part-texte" class="definition-section-title">Commentary</h3> <div class="crayon article-texte-112148 texte surlignable"><p>Whether and when price signalling may be anti-competitive is a controversial and highly debated topic. Price signalling has therefore been characterized as “perhaps the most elusive infringement that lurks in the antitrust jungle” or “a trophy for the agency that already has everything” (Henry Vane, GCR, 2015).</p> <p>Price signalling is not defined in legislation or case law, and a clear legal test as to when it constitutes an infringement of competition or antitrust rules does not appear to exist in any jurisdiction in spite of increased enforcement efforts in recent years, particularly within the EU. Across jurisdictions price signalling is a grey area and finding an actual infringement is a highly fact-specific exercise that will depend on the entire body of evidence available.</p> <p>In each EU case involving price signalling practices the EU Commission or European National Competition Authorities (“NCA’s”) have investigated whether these involved the exchange of strategic or commercially sensitive information and could be a “<a href="https://www.concurrences.com/en/dictionary/Concerted-Practice">concerted practice</a>” (and not an “<a href="https://www.concurrences.com/en/dictionary/agreement-to-lessen-or-restrict-competition">agreement</a>”) under Article 101(1) TFEU and/or the equivalent national provisions. A price signalling infringement within the EU should therefore for all practical purposes meet the requirements for establishing a concerted practice that can be inferred from EU case law including “concertation” which requires the existence of direct - or indirect - reciprocal contact between competitors.</p> <p>The EU Commission’s <i>Horizontal Guidelines</i> (2023) provide some guidance. Para. 398 states that “The fact that an undertaking discloses commercially sensitive information through a public announcement […] does not in itself exclude the possibility that the announcement may constitute a concerted practice within the meaning of Article 101(1). Indeed, public disclosure may in some cases form part of a communication channel between competitors to signal future intentions to behave on the market in a specific way, or to provide a focal point for coordination between competitors and thereby fall within Article 101(1).”</p> <p>The <i>Horizontal Guidelines</i> further state in para. 416 that “Depending on the legal and economic context and on the objectives an undertaking seeks to attain, a public disclosure that signals the undertaking’s future intentions on key competition parameters, for instance, prices or quantities, may [also] be considered a restriction by object. Similarly, a public disclosure that does not clearly benefit customers but does signal to competitors how they should act, or the consequences of acting or failing to act in a certain way, or how the undertaking will react to competitors’ conduct, will be considered a restriction by object”.</p> <p>These statements have been further elaborated upon in examples which the EU Commission has set out in para. 431, 432 and 435 of its <i>Horizontal Guidelines</i>.</p> <p>Even if price signalling practices have been investigated several times and increasingly by the EU Commission and NCA’s in the recent years, the first administrative prohibition decision actually establishing an infringement - and which has also been upheld on appeal - remains to be seen.</p> <p>In <i>Wood Pulp</i> where the EU Commission found that wood pulp manufacturers had actually concerted on prices through inter alia quarterly public announcements of future, binding maximum prices for wood pulp, the EU Court (1993) annulled the EU Commission’s prohibition decision.</p> <p>Since then, every administrative decision by the EU Commission or the NCA’s involving pure price signalling practices has been a commitment decision where no infringement of article 101(1) TFEU and/or the equivalent national provisions has been established or admitted. Among the most recent and notable decisions are <i>Dutch Mobile Operators</i> (2014), <i>Container Shipping</i> (2016), <i>Norwegian Retail Fuel</i> (2020), <i>Irish Private Motor Insurance</i> (2022).</p> <p>Although no clear legal test exists as to when price signalling or public price announcements constitutes an infringement of Art. 101(1) TEUF, it is - on the basis of inter alia the abovementioned decisions and the EU Commission’s <i>Horizontal Guidelines</i> (2023) - possible to derive a practical checklist over factual circumstances (not all being conditions as such), which may increase the likelihood of establishing an infringement. This non-exhaustive, practical checklist includes the below factual circumstances.</p> <p>Practical checklist:</p> <p>The public price announcements:</p> <ol class="spip" role="list"><li> concern future, intended prices (as opposed to binding/committal fixed or maximum prices), which the suppliers may adjust before the intended implementation date.</li><li> have actually been adjusted and (if relevant) in addition been (systematically) aligned with subsequent price announcements (“responses”) of competitors, without any plausible commercial reason for such adjustment.</li><li> are (almost) parallel regarding inter alia announcement date, intended implementation date, size of the price/price change, products/countries concerned and/or are made often, regularly and/or over a long period of time.</li><li> are not required in order to meet legal requirements in other areas of law such as Security Trading Acts, sector specific rules etc.</li><li> are of none or low user-value/benefit/relevance for customers in making their purchase decisions (e.g. future prices that are not binding/committal, transparent and timely).</li><li> are sufficiently clear and specific to serve as a focal point for coordination between competitors (regarding inter alia size of the price/price change, timing and scope).</li><li> are made (well) earlier than the point in time where (most) customers (typically) decide to purchase the product and/or are made (sufficiently) early before the intended implementation date allowing to “test” the viability of a price change with competitors and to adjust or cancel an intended price change.</li><li> are - according to internal company documents - used intentionally for signalling purposes and as a means for coordination.</li><li> contain an outright invitation to collude and/or are made dependent/contingent on the reactions of competitors or “the market”.</li><li> are introduced on the supplier-side’s own initiative (as opposed to being a response to requests from the customer-side).</li><li> are difficult to explain in the light of the current conditions of supply and demand (e.g. price increases in times where demand decreases).</li><li> only relate to price increases (as opposed to decreases) and/or do not appear as a suitable means to attract customers.</li><li> are made by minimum two competitors prior to the implementation date.</li><li> are made in markets characterised by being highly concentrated, transparent, stable, having high barriers to entry, homogeneous products and/or undertakings.</li><li> lack any commercial rationale or plausible explanation other than being used for signalling purposes and as a coordination means.</li></ol> <p>In addition to a relatively high number of EU Commission and NCA cases within the EU, price signalling practices have also been investigated by competition authorities in other jurisdictions. Most frequently in the U.S. but it has also been investigated, for example, in Australia, Taiwan, Russia and South Africa.</p> <p>With respect to U.S. antitrust law, unilateral price announcements may violate Section 1 of the Sherman Act, which prohibits "every contract, combination, or conspiracy in restraint of trade”, provided there is proof of concerted behaviour such as an actual agreement among competitors to fix prices, which in practice is a high evidentiary threshold to meet.</p> <p>Even without proof of an actual <a href="https://www.concurrences.com/en/dictionary/agreement-to-lessen-or-restrict-competition">agreement</a>, the Federal Trade Commission’s (“FTC”) enforcement practice shows that the FTC considers, that mere attempts or “invitations to collude” inter alia on prices violates Section 5 of the FTC Act, which prohibits “unfair methods of competition in or affecting commerce”. The cases brought by the FTC under Section 5 have not been prosecuted criminally but have been settled by consent agreements. In general the cases have concerned private invitations to collude, but the - until then unprecedented - Valassis Settlement (2006) shows that, in the opinion of the FTC, also purely public invitations to collude, in this case on an earnings call open to the public via telephone and the internet, violate Section 5 of the FTC Act.</p></div> </div> <div class="definition-section"> <h3 id="part-jurisprudence" class="definition-section-title">Case references</h3> <div class="crayon article-reference-112148 reference"><p><a href="https://www.concurrences.com/en/bulletin/news-issues/february-2022/the-irish-competition-authority-publishes-its-report-into-potential">Report & Outcome on private motor insurance investigation, Irish NCA of 8.2.2022, (“<i>Irish Private Motor Insurance</i>”)</a>, see <a href="https://www.ccpc.ie/business/wp-content/uploads/sites/3/2022/02/PMI-Investigation-Report.pdf" class="spip_out" rel="external">here</a></p> <p><a href="https://www.concurrences.com/en/bulletin/news-issues/october-2020/the-norwegian-competition-authority-closes-its-investigation-against-two">Decision 2020-26/2020-27, Norwegian NCA of 15.10.2020, Circle K and YX, (“<i>Norwegian retail fuel</i>”)</a>, see press release <a href="https://konkurransetilsynet.no/closes-investigation-against-circle-k-and-yx/?lang=en" class="spip_out" rel="external">here</a></p> <p><a href="https://www.concurrences.com/en/review/issues/no-4-2016/case-comments/commitments-the-european-commission-accepts-commitments-offered-by-14-container">Case AT.39850, EU Commission commitment decision of 7.7.2016, (“<i>Container Shipping</i>”)</a>, see decision <a href="https://ec.europa.eu/competition/antitrust/cases/dec_docs/39850/39850_3377_3.pdf" class="spip_out" rel="external">here</a> and press release <a href="https://ec.europa.eu/commission/presscorner/detail/en/IP_16_2446" class="spip_out" rel="external">here</a></p> <p>Case number 13.0612.53, Dutch NCA’s commitment decision of 7.1.2014 regarding the mobile network operator (“MNO”) companies KPN, Vodafone, and T-Mobile, (“<i>Dutch Mobile Operators</i>”), see <a href="https://www.acm.nl/sites/default/files/old_publication/publicaties/14326_commitment-decision-regarding-mobile-operators.pdf" class="spip_out" rel="external">here</a></p> <p>FTC Matter 0510008, Valassis Communications, Inc., settlement of 19.4.2006 (“<i>Valassis Settlement</i>”), see the FTC’s Decision and Order <a href="https://www.ftc.gov/sites/default/files/documents/cases/2006/03/060314do0510008.pdf" class="spip_out" rel="external">here</a></p> <p>Joined cases C-89/85 and others, Judgment of the Court of 31.3.1993, A. Ahlström Osakeyhtiö and others v Commission, (“<i>Wood Pulp</i>”), EU:C:1993:120, see <a href="https://curia.europa.eu/juris/showPdf.jsf?text=&docid=93717&pageIndex=0&doclang=EN&mode=lst&dir=&occ=first&part=1&cid=184532" class="spip_out" rel="external">here</a></p></div> </div> <div class="definition-section"> <h3 id="part-biblio" class="definition-section-title">Bibliography</h3> <div class="crayon article-ps-112148 jurisprudence"><p>Alison Jones, Brenda Sufrin & Niamh Dunne, Jones & Sufrin, <i>EU Competition Law, Text, Cases and Materials</i> (7th edition, Oxford University Press 2019), Chapter 9, p. 662-688)</p> <p>David Bailey & Laura Elizabeth John (eds.), <i>Bellamy and Child: European Union Law of Competition</i> (8th edition, Oxford University Press 2018), Chapter 5, p. 362-363 and p. 397-324.</p> <p>Itai Rabinovici, <i>Public Exchange of Information After Container Shipping</i>, Journal of European Competition Law and Practice, 2017, Vol. 8, no. 3</p> <p>Matthew Hall, <i>Recent Developments in Price Signalling in the EU</i>, McGuireWoods LLP, 2015</p> <p>Paul Gorecki, <i>Price Signalling and Private Motor Insurance in Ireland: A Breach of Competition Law?</i> Munich Personal RePEc Archive Paper No. 115473, 2022</p> <p>Raphaël De Coninck, <i>Information Exchanges and Price Signaling: An Economic Perspective</i>, Charles River Associates, 2016</p> <p>Richard Whish and David Bailey, Competition Law (10th edition, Oxford University Press 2021), Chapter 14, p. 596-602.</p> <p>Van Bael & Bellis, <i>Competition Law of the European Union</i> (6th edition, Wolters Kluwer 2021), Chapter 4, p. 408-423.</p> <p><a href="https://www.concurrences.com/en/all-books/information-exchange-and-related-risks">Zoltán Marosi & Marcio Soares (eds.), <i>Information Exchange and related Risks. A Jurisdictional Guide</i>, (Concurrences and International Bar Association 2022), p. 1-457</a></p></div> </div> </div> </div> <aside class="section__aside side-col"> <div class="miniplan miniplan_definition sticky-top" id="definition-index"> <ul class="nav nav-list"> <li><a href="//en/dictionary/price-signaling#part-apercu" data-target="#part-apercu">Definition</a></li> <li><a href="//en/dictionary/price-signaling#part-texte" data-target="#part-texte">Commentary</a></li> <li><a href="//en/dictionary/price-signaling#part-jurisprudence" data-target="#part-jurisprudence">Case references</a></li> <li><a href="//en/dictionary/price-signaling#part-biblio" data-target="#part-biblio">Bibliography</a></li> </ul> </div> <h2>Author</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/authors/martin-andreas-gravengaard-119936" 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/martin-9e92c.jpg?1711359186) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Martin Andreas Gravengaard</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">Danish Competition and Consumer Authority (Copenhagen)</span> </div> <div class="entry-meta"> <span class="pays">Denmark</span> <span class="articles"><em>2</em> contributions</span> <span class="visites"><em>3490</em> visits</span> </div> </div></li> </ul> </div> <div class="well citation"> <h2>Quotation</h2> <article class="entry article article-dictionary hentry"> <span class="authors">Martin Andreas Gravengaard, </span> <span class="entry-title">Price signalling</span><span class="rubrique"><span class="sep">, </span> Global Dictionary of Competition Law, Concurrences, Art. N° 112147</span> </article> </div> <div class="well stats"> <p><i class="picto picto-eye"></i> <b>Visits</b> <em class="number">3503</em></p> </div> </aside> </div> </section> <div class="index-overlay collapse" id="index"> <span class="arrow-top"></span> <button class="close">×</button> <div class="glossaire-index"> <div class="main"> <div class="index"> <a class="lettre" href="//en/dictionary/price-signaling#a" data-anchor="#a">a</a> <a class="lettre" href="//en/dictionary/price-signaling#b" data-anchor="#b">b</a> <a class="lettre" href="//en/dictionary/price-signaling#c" data-anchor="#c">c</a> <a class="lettre" href="//en/dictionary/price-signaling#d" data-anchor="#d">d</a> <a class="lettre" href="//en/dictionary/price-signaling#e" data-anchor="#e">e</a> <a class="lettre" href="//en/dictionary/price-signaling#f" data-anchor="#f">f</a> <a class="lettre" href="//en/dictionary/price-signaling#g" data-anchor="#g">g</a> <a class="lettre" href="//en/dictionary/price-signaling#h" 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href="en/dictionary/anticompetitive-practices">Anticompetitive practices</a> <span class="sep">•</span> <a href="en/dictionary/Antitrust">Antitrust</a> <span class="sep">•</span> <a href="en/dictionary/applicable-law">Applicable law</a> <span class="sep">•</span> <a href="en/dictionary/arbitration">Arbitration</a> <span class="sep">•</span> <a href="en/dictionary/article-11-letter">Article 11 letter </a> <span class="sep">•</span> <a href="en/dictionary/artificial-intelligence">Artificial Intelligence </a> <span class="sep">•</span> <a href="en/dictionary/aec-as-efficient-competitor-principle-and-test">As-Efficient Competitor (AEC)</a> </div> </div> </div> <div class="row entree" id="b"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">b</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/barriers-to-entry-en">Barriers to entry</a> <span class="sep">•</span> <a href="en/dictionary/bertrand-nash-equilibrium">Bertrand (Nash) equilibrium</a> <span class="sep">•</span> <a href="en/dictionary/bid-rigging">Bid rigging</a> <span class="sep">•</span> <a href="en/dictionary/block-exemption-regulation">Block exemption (Regulation) </a> <span class="sep">•</span> <a href="en/dictionary/boycott">Boycott</a> <span class="sep">•</span> <a href="en/dictionary/brand-competition-en">Brand competition</a> <span class="sep">•</span> <a href="en/dictionary/bundling">Bundling</a> <span class="sep">•</span> <a href="en/dictionary/burden-of-proof">Burden of proof</a> <span class="sep">•</span> <a href="en/dictionary/buyer-power">Buyer power </a> </div> </div> </div> <div class="row entree" id="c"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">c</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/cartel">Cartel </a> <span class="sep">•</span> <a href="en/dictionary/clearance-phase-ii-merger">Clearance phase II (merger)</a> <span class="sep">•</span> <a href="en/dictionary/collecting-society">Collecting society </a> <span class="sep">•</span> <a href="en/dictionary/collective-dominance">Collective dominance</a> <span class="sep">•</span> <a href="en/dictionary/collective-redress-class-action">Collective redress (class action)</a> <span class="sep">•</span> <a href="en/dictionary/comity">Comity </a> <span class="sep">•</span> <a href="en/dictionary/commission-communication">Commission communication</a> <span class="sep">•</span> <a href="en/dictionary/competence">Competence </a> <span class="sep">•</span> <a href="en/dictionary/competition-policy-89181">Competition policy</a> <span class="sep">•</span> <a href="en/dictionary/complaint">Complaint </a> <span class="sep">•</span> <a href="en/dictionary/Compliance-programme">Compliance programme </a> <span class="sep">•</span> <a href="en/dictionary/compulsory-license">Compulsory license</a> <span class="sep">•</span> <a href="en/dictionary/concentration-indexes-en">Concentration indexes</a> <span class="sep">•</span> <a href="en/dictionary/concerted-practices-en">Concerted practices</a> <span class="sep">•</span> <a href="en/dictionary/concession-86056">Concession</a> <span class="sep">•</span> <a href="en/dictionary/concurrent-jurisdiction">Concurrent jurisdiction</a> <span class="sep">•</span> <a href="en/dictionary/Consortium-12192">Consortium </a> <span class="sep">•</span> <a href="en/dictionary/consumer-protection">Consumer protection</a> <span class="sep">•</span> <a href="en/dictionary/consumers-associations-en">Consumers’ associations</a> <span class="sep">•</span> <a href="en/dictionary/control-change">Control (change)</a> <span class="sep">•</span> <a href="en/dictionary/control-notion">Control (notion)</a> <span class="sep">•</span> <a href="en/dictionary/cooperation-between-competition-authorities-en">Cooperation between competition authorities</a> <span class="sep">•</span> <a href="en/dictionary/coordinated-effects">Coordinated effects</a> <span class="sep">•</span> <a href="en/dictionary/copyright">Copyright</a> <span class="sep">•</span> <a href="en/dictionary/corruption">Corruption</a> <span class="sep">•</span> <a href="en/dictionary/cost-based-access">Cost-based access</a> <span class="sep">•</span> <a href="en/dictionary/cournot-nash-equilibrium">Cournot (Nash) equilibrium</a> <span class="sep">•</span> <a href="en/dictionary/criminal-sanctions">Criminal sanctions</a> <span class="sep">•</span> <a href="en/dictionary/cross-subsidisation">Cross subsidisation </a> </div> </div> </div> <div class="row entree" id="d"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">d</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/damages">Damages</a> <span class="sep">•</span> <a href="en/dictionary/de-minimis-notice">De minimis notice</a> <span class="sep">•</span> <a href="en/dictionary/digital-markets-act">Digital Markets Act</a> <span class="sep">•</span> <a href="en/dictionary/direct-effect">Direct effect</a> 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href="en/dictionary/ecosystem-failures">Ecosystem Failures</a> <span class="sep">•</span> <a href="en/dictionary/effect-on-trade-between-member-states">Effect on trade between Member States</a> <span class="sep">•</span> <a href="en/dictionary/effective-judicial-protection">Effective judicial protection</a> <span class="sep">•</span> <a href="en/dictionary/effects-doctrine-118100">Effects doctrine</a> <span class="sep">•</span> <a href="en/dictionary/efta-surveillance-authority-esa-court">EFTA Surveillance Authority (ESA) & Court </a> <span class="sep">•</span> <a href="en/dictionary/environmental-protection-en">Environmental protection</a> <span class="sep">•</span> <a href="en/dictionary/error-costs-108946">Error costs</a> <span class="sep">•</span> <a href="en/dictionary/essential-facility">Essential facility</a> <span class="sep">•</span> <a href="en/dictionary/european-competition-network-ecn-en">European Competition Network (ECN)</a> <span class="sep">•</span> <a href="en/dictionary/excessive-prices-en">Excessive prices</a> <span class="sep">•</span> <a href="en/dictionary/exchange-of-information">Exchanges of information</a> <span class="sep">•</span> <a href="en/dictionary/exclusionary-practice">Exclusionary practice </a> <span class="sep">•</span> <a href="en/dictionary/Exclusive-distribution-12218">Exclusive distribution </a> <span class="sep">•</span> <a href="en/dictionary/exclusive-purchasing-en">Exclusive purchasing agreement</a> <span class="sep">•</span> <a href="en/dictionary/exclusive-right-art-106-tfeu">Exclusive right (Art. 106 TFEU)</a> <span class="sep">•</span> <a href="en/dictionary/exclusivity-clause">Exclusivity clause</a> <span class="sep">•</span> <a href="en/dictionary/Exhaustion">Exhaustion </a> <span class="sep">•</span> <a href="en/dictionary/Extra-territoriality">Extra-territoriality</a> </div> </div> </div> <div class="row entree" id="f"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">f</h2> </div> <div 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class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/geographic-market">Geographic market</a> <span class="sep">•</span> <a href="en/dictionary/corporate-group">Group of undertakings</a> <span class="sep">•</span> <a href="en/dictionary/group-purchasing-organization">Group purchasing organization</a> <span class="sep">•</span> <a href="en/dictionary/guidelines-119080">Guidelines</a> <span class="sep">•</span> <a href="en/dictionary/gun-jumping">Gun jumping</a> </div> </div> </div> <div class="row entree" id="h"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">h</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/hard-core-restrictions">Hard core restrictions</a> <span class="sep">•</span> <a href="en/dictionary/Hearing-officer">Hearing officer </a> <span class="sep">•</span> <a href="en/dictionary/horizontal-agreement">Horizontal cooperation agreement</a> <span class="sep">•</span> <a href="en/dictionary/hsr-filing-us-108854">HSR Filing (US)</a> </div> </div> </div> <div class="row entree" id="i"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">i</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/independence-and-impartiality">Independence and impartiality</a> <span class="sep">•</span> <a href="en/dictionary/individual-exemption-86377">Individual exemption</a> <span class="sep">•</span> <a href="en/dictionary/industrial-policy">Industrial policy</a> <span class="sep">•</span> <a href="en/dictionary/intellectual-property-right-en">Intellectual property right</a> <span class="sep">•</span> <a href="en/dictionary/inter-brand-competition">Inter-brand competition </a> <span class="sep">•</span> <a href="en/dictionary/Interim-measures">Interim measures </a> <span class="sep">•</span> <a href="en/dictionary/international-co-operation">International co-operation </a> <span class="sep">•</span> <a href="en/dictionary/international-competition-network-icn">International competition network (ICN) </a> <span class="sep">•</span> <a href="en/dictionary/investigations-inquiries-en">Investigations / inquiries</a> </div> </div> </div> <div class="row entree" id="j"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">j</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/judicial-review">Judicial review</a> </div> </div> </div> <div class="row entree" id="k"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">k</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/Know-how">Know-how </a> </div> </div> </div> <div class="row entree" id="l"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">l</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/legal-privilege">Legal privilege</a> <span class="sep">•</span> <a href="en/dictionary/Leniency-programme">Leniency</a> <span class="sep">•</span> <a href="en/dictionary/lerner-index">Lerner index</a> <span class="sep">•</span> <a href="en/dictionary/letter-of-formal-notice-118055">Letter of formal notice </a> <span class="sep">•</span> <a href="en/dictionary/licensing">Licensing</a> <span class="sep">•</span> <a href="en/dictionary/limitation-period-119083">Limitation Period </a> </div> </div> </div> <div class="row entree" id="m"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">m</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/margin-squeeze">Margin squeeze</a> <span class="sep">•</span> <a href="en/dictionary/marginal-costs">Marginal costs </a> <span class="sep">•</span> <a href="en/dictionary/market-economy-investor">Market economy investor</a> <span class="sep">•</span> <a href="en/dictionary/market-power">Market power</a> <span class="sep">•</span> <a href="en/dictionary/market-share">Market share </a> <span class="sep">•</span> <a href="en/dictionary/media-pluralism">Media pluralism</a> <span class="sep">•</span> <a href="en/dictionary/merger-notion-12318-en">Merger (notion)</a> <span class="sep">•</span> <a href="en/dictionary/merger-prohibition">Merger (prohibition)</a> <span class="sep">•</span> <a href="en/dictionary/merger-withdrawal-118046">Merger (withdrawal)</a> <span class="sep">•</span> <a href="en/dictionary/Merger-control-procedure">Merger control procedure </a> <span class="sep">•</span> <a href="en/dictionary/merger-remedies-100323">Merger remedies</a> <span class="sep">•</span> <a href="en/dictionary/minority-shareholdings-89176">Minority shareholdings</a> <span class="sep">•</span> <a href="en/dictionary/misinformation">Misinformation</a> <span class="sep">•</span> <a href="en/dictionary/mobility-barriers-117741">Mobility Barriers</a> <span class="sep">•</span> <a href="en/dictionary/Monopoly">Monopoly </a> </div> </div> </div> <div class="row entree" id="n"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">n</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/ne-bis-in-idem-86490">Ne bis in idem</a> <span class="sep">•</span> <a href="en/dictionary/negative-clearance-118047">Negative clearance</a> <span class="sep">•</span> <a href="en/dictionary/Network-effect">Network effect </a> <span class="sep">•</span> <a href="en/dictionary/non-compete-obligation-12156-en">Non-compete obligation </a> <span class="sep">•</span> <a href="en/dictionary/non-horizontal-mergers">Non-Horizontal Mergers </a> <span class="sep">•</span> <a href="en/dictionary/notification-12310">Notification</a> <span class="sep">•</span> <a href="en/dictionary/nullity">Nullity </a> </div> </div> </div> <div class="row entree" id="o"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">o</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/oligopoly">Oligopoly </a> <span class="sep">•</span> <a href="en/dictionary/online-platforms">Online Platforms</a> </div> </div> </div> <div class="row entree" id="p"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">p</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/parallel-imports-parallel-trade-en">Parallel imports (parallel trade)</a> <span class="sep">•</span> <a href="en/dictionary/passing-on-en">Passing-on</a> <span class="sep">•</span> <a href="en/dictionary/Passive-sales">Passive sales </a> <span class="sep">•</span> <a href="en/dictionary/patents">Patents</a> <span class="sep">•</span> <a href="en/dictionary/pay-for-delay">Pay-for-delay</a> <span class="sep">•</span> <a href="en/dictionary/periodic-penalty-payment">Periodic penalty payment</a> <span class="sep">•</span> <a href="en/dictionary/potential-competition">Potential competition </a> <span class="sep">•</span> <a href="en/dictionary/predatory-pricing">Predatory pricing</a> <span class="sep">•</span> <a href="en/dictionary/preliminary-rulings-art-267-tfue">Preliminary ruling (Art. 267 TFUE) </a> <span class="sep">•</span> <a href="en/dictionary/price-discrimination-en">Price discrimination </a> <span class="sep">•</span> <a href="en/dictionary/price-leadership">Price leadership</a> <span class="sep">•</span> <a href="en/dictionary/price-signaling">Price signalling</a> <span class="sep">•</span> <a href="en/dictionary/price-fixing-agreement">Price-fixing agreement</a> <span class="sep">•</span> <a href="en/dictionary/prices-en">Prices</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-equal-treatment">Principle of equal treatment</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-equivalence">Principle of equivalence</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-proportionality">Principle of proportionality</a> <span class="sep">•</span> <a href="en/dictionary/privacy-and-data-protection">Privacy and data protection</a> <span class="sep">•</span> <a href="en/dictionary/private-enforcement">Private enforcement</a> <span class="sep">•</span> <a href="en/dictionary/privatization-en">Privatization</a> <span class="sep">•</span> <a href="en/dictionary/procedural-autonomy">Procedural autonomy</a> <span class="sep">•</span> <a href="en/dictionary/professional-association-86373-en">Professional association</a> <span class="sep">•</span> <a href="en/dictionary/public-procurement">Public procurement</a> <span class="sep">•</span> <a href="en/dictionary/Public-undertaking">Public undertaking</a> </div> </div> </div> <div class="row entree" id="r"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">r</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/r-d-agreement">R&D agreement</a> <span class="sep">•</span> <a href="en/dictionary/case-referral-system-mergers">Referral (merger)</a> <span class="sep">•</span> <a href="en/dictionary/refusal-to-deal">Refusal to deal</a> <span class="sep">•</span> <a href="en/dictionary/the-registry-of-the-general-court-of-the-european-union">Registry of the General Court of the European Union</a> <span class="sep">•</span> <a href="en/dictionary/Relevant-market">Relevant market</a> <span class="sep">•</span> <a href="en/dictionary/remedies-antitrust-en">Remedies (antitrust)</a> <span class="sep">•</span> <a href="en/dictionary/request-for-information">Request for information</a> <span class="sep">•</span> <a href="en/dictionary/resale-below-cost-en">Resale below cost </a> <span class="sep">•</span> <a href="en/dictionary/resale-price-maintenance-rpm">Resale price maintenance (RPM)</a> <span class="sep">•</span> <a href="en/dictionary/restriction-on-exportation">Restriction on exportation </a> <span class="sep">•</span> <a href="en/dictionary/rule-of-reason">Rule of reason</a> </div> </div> </div> <div class="row entree" id="s"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">s</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/sunk-costs-117836"> Sunk Costs </a> <span class="sep">•</span> <a href="en/dictionary/sector-inquiry">Sector inquiry</a> <span class="sep">•</span> <a href="en/dictionary/selective-distribution">Selective distribution </a> <span class="sep">•</span> <a href="en/dictionary/self-preference-111802">Self-Preference</a> <span class="sep">•</span> <a href="en/dictionary/Services-of-general-economic">Services of general economic interest </a> <span class="sep">•</span> <a href="en/dictionary/Single-branding">Single branding </a> <span class="sep">•</span> <a href="en/dictionary/sole-control">Sole control</a> <span class="sep">•</span> <a href="en/dictionary/specialization-agreements">Specialization agreements </a> <span class="sep">•</span> <a href="en/dictionary/Spill-over-effects">Spill-over effects </a> <span class="sep">•</span> <a href="en/dictionary/standard-essential-patent-sep">Standard-Essential Patent (SEP)</a> <span class="sep">•</span> <a href="en/dictionary/state-action-defense">State action defence</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-compatibility">State aid (compatibility)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-existing-aid">State aid (existing aid) </a> <span class="sep">•</span> <a href="en/dictionary/state-aid-notification-en">State aid (notification)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid">State aid (notion)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-recovery">State aid (recovery) </a> <span class="sep">•</span> <a href="en/dictionary/state-aid-unlawful-aid">State aid (unlawful aid) </a> <span class="sep">•</span> <a href="en/dictionary/State-measure">State measure </a> <span class="sep">•</span> <a href="en/dictionary/Statement-of-objections-SO">Statement of objections (SO) </a> <span class="sep">•</span> <a href="en/dictionary/Substitutability">Substitutability </a> <span class="sep">•</span> <a href="en/dictionary/sustainability">Sustainability</a> <span class="sep">•</span> <a href="en/dictionary/switching-costs">Switching Costs</a> </div> </div> </div> <div class="row entree" id="t"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">t</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/technology-transfer">Technology transfer</a> <span class="sep">•</span> <a href="en/dictionary/test-siec-merger-en">Test SIEC (merger)</a> <span class="sep">•</span> <a href="en/dictionary/merger-slc-src-sdc-tests">Test SLC (merger)</a> <span class="sep">•</span> <a href="en/dictionary/tipping">Tipping</a> <span class="sep">•</span> <a href="en/dictionary/business-secrets">Trade Secrets</a> <span class="sep">•</span> <a href="en/dictionary/trademark">Trademark</a> <span class="sep">•</span> <a href="en/dictionary/trustee-mergers-en">Trustee (mergers)</a> <span class="sep">•</span> <a href="en/dictionary/turnover-threshold-merger">Turnover threshold (merger)</a> <span class="sep">•</span> <a href="en/dictionary/two-sided-market">Two-sided market</a> </div> </div> </div> <div class="row entree" id="u"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">u</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/undertaking-notion">Undertaking (notion)</a> <span class="sep">•</span> <a href="en/dictionary/unfair-competition">Unfair competition</a> <span class="sep">•</span> <a href="en/dictionary/universal-service-118054">Universal Service</a> <span class="sep">•</span> <a href="en/dictionary/upstream-market">Upstream market </a> </div> </div> </div> <div class="row entree" id="v"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">v</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/variable-costs">Variable costs </a> <span class="sep">•</span> <a href="en/dictionary/Vertical-agreement">Vertical agreement</a> <span class="sep">•</span> <a href="en/dictionary/vertical-restraints-or-restrictions">Vertical restraints (or restrictions)</a> </div> </div> </div> <div class="row entree" id="w"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">w</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/White-clause">White clause</a> <span class="sep">•</span> <a href="en/dictionary/withdrawal-of-the-benefit-of-a-block-exemption">Withdrawal (of the benefit of a block exemption)</a> </div> </div> </div> </div> </div> </article> <script type="text/javascript"> jQuery(function(){ // hack on appelle 1 scrollspy sur body et 1 sur window pour pas les melanger jQuery(window).scrollspy({ target: '#menu-definition', offset: 130 }); jQuery('body').scrollspy({ target: '#definition-index', offset: 130 }); jQuery(document).scrollspy({ target: '#related-index', offset: 130 }); // Affichage de l'index var $btn_index 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